Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, accompanied by a record high of $8.23 billion in excess reserves. The company did not release comparative figures from the previous year or the last quarter but noted a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total liabilities related to its USDT tokens stood at approximately $183 billion, with the company's total assets nearing $192 billion.
The stablecoin's circulation remained steady. This report comes at a time when the global demand for stablecoins is increasing, driven by their expanding use cases beyond cryptocurrency trading, notably in international payments. Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains. Tether's excess reserves have grown from $6.3 billion at the end of 2025, bolstered by the company's continued profitability and its focus on short-duration, high-quality liquid instruments.
USDT ranks as the third-largest cryptocurrency, with a market capitalization of nearly $190 billion, behind Bitcoin and Ether. The majority of Tether's reserves are comprised of U.S.
government-backed instruments and short-term liquidity facilities, positioning the company as the 17th-largest holder of U.S. Treasuries worldwide. Over the past two years, Tether has become a top 10 buyer of U.S.
Treasuries, surpassing several countries. Additionally, the company holds approximately $20 billion in physical gold and about $7 billion in Bitcoin reserves.