Tether, the leading stablecoin issuer by market capitalization, has reported a net profit of $1.04 billion for the first quarter, accompanied by a record increase in excess reserves to $8.23 billion. The company's total assets stand at approximately $192 billion, with total token-related liabilities of around $183 billion as of March 31.
This growth comes amidst rising global demand for stablecoins, which are increasingly being utilized for international payments beyond crypto trading. The firm's reserve base, comprising short-duration, high-quality liquid instruments, has risen from $6.3 billion at the end of 2025. Tether's USDT stablecoin boasts a market capitalization of nearly $190 billion, ranking it as the third-largest cryptocurrency.
The majority of Tether's reserves are invested in U.S. government-backed instruments and short-term liquidity facilities, with the company holding roughly $20 billion in physical gold and approximately $7 billion in bitcoin.