Tether, the leading stablecoin issuer, has announced a first-quarter net profit of $1.04 billion, with its excess reserves surging to a record high of $8.23 billion. The company did not provide comparative figures for the previous year or the last quarter, but it did report a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total token-related liabilities for the dollar-pegged USDT remained stable at approximately $183 billion, while the company's total assets stood at just under $192 billion. This quarterly report comes at a time when stablecoins are experiencing increased global demand, driven by their expanding use cases beyond crypto trading, particularly in international payments.
Recently, Visa expanded its stablecoin settlement pilot to nine blockchains, further underscoring the growing importance of stablecoins. Tether's excess reserves, which have increased from $6.3 billion at the end of 2025, are supported by the company's continued profitability and a reserve base comprising short-duration, high-quality liquid instruments.
With a market capitalization of nearly $190 billion, USDT is the third-largest cryptocurrency, following bitcoin and ether. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, with the company being the 17th-largest holder of U.S. Treasuries worldwide and a top 10 buyer of U.S.
Treasuries over the past two years, surpassing several countries. Additionally, Tether holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.