Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, accompanied by a notable increase in its excess reserves to $8.23 billion. The company did not release 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 liabilities associated with its USDT tokens stood at approximately $183 billion, with the company's total assets nearing $192 billion. This news emerges at a time when stablecoins are gaining traction globally for uses beyond cryptocurrency trading, such as facilitating international payments.
Recently, Visa expanded its stablecoin settlement pilot, incorporating additional blockchains. Tether's excess reserves have grown from $6.3 billion at the end of 2025, attributed to sustained profitability and a reserve base composed of high-quality, liquid instruments. With a market capitalization of nearly $190 billion, USDT ranks as 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, positioning the company as the 17th-largest holder of U.S. Treasuries worldwide. Over the past two years, Tether has become a significant 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.