Tether, the leading stablecoin issuer by market capitalization, has reported a first-quarter net profit of $1.04 billion, with its excess reserve assets reaching a record high of $8.23 billion. The company did not provide comparative figures for the previous year or the fourth quarter, but it did report a net profit exceeding $10 billion for the entirety of 2025.
As of March 31, the total USDT in circulation remained stable, with token-related liabilities of approximately $183 billion, while the company's total assets stood at just under $192 billion. This report comes at a time when stablecoins are gaining traction globally for their use in international payments, beyond their traditional role in cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains. Tether's excess reserves have increased from $6.3 billion at the end of 2025, driven by the company's continued profitability and a reserve base composed of 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 held in U.S. government-backed instruments and short-term liquidity facilities, with the firm being 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 countries like Taiwan, Israel, and the UAE. Additionally, the company holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.