Tether, the issuer of the largest stablecoin by market value, has announced a net profit of $1.04 billion for the first quarter, with its excess reserves reaching a record high of $8.23 billion. The company did not release 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 amounting to approximately $183 billion.
The company's total assets stood at just under $192 billion. This quarterly report comes at a time when global demand for stablecoins is increasing, driven by their expanding use cases beyond crypto trading, such as international payments.
Recently, Visa expanded its stablecoin settlement pilot to nine blockchains. Tether's excess reserves have grown from $6.3 billion at the end of 2025, supported by the company's continued profitability and a reserve base focused on high-quality, short-duration liquid instruments.
USDT is currently 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 firm holding a significant position as the 17th-largest holder of U.S.
Treasuries globally. 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.