Tether, the leading stablecoin issuer by market capitalization, announced a first-quarter net profit of $1.04 billion, with its excess reserves surging to a record $8.23 billion. The figures did not include year-over-year or quarter-over-quarter comparisons, but followed a net profit of over $10 billion for the entirety of 2025.
As of March 31, the total value of the dollar-pegged USDT in circulation remained stable, with token-related liabilities of approximately $183 billion, while total assets stood at just under $192 billion. This report comes at a time when stablecoins are experiencing increased global demand for uses beyond cryptocurrency trading, such as international payments. Recently, Visa expanded its stablecoin settlement pilot to nine blockchains.
The growth in excess reserves, which increased from $6.3 billion at the end of 2025, is attributed to the company's continued profitability and a reserve base comprising short-duration, high-quality liquid instruments. USDT ranks as the third-largest cryptocurrency, with a market capitalization of nearly $190 billion. 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 globally and a top 10 buyer over the past two years.
Additionally, Tether holds approximately $20 billion in physical gold and $7 billion in bitcoin reserves.