Tether, the entity behind the most valuable stablecoin, has announced 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 opted not to release comparative figures for the previous year or the last quarter, but it did disclose a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total value of the USDT stablecoin in circulation remained steady, with the firm's total liabilities amounting to approximately $183 billion.
The company's total assets stand at nearly $192 billion. The release of this report coincides with a surge in global demand for stablecoins, driven by their expanding use in international payments beyond cryptocurrency trading. Just recently, Visa expanded its stablecoin settlement pilot to include nine blockchains. The growth in excess reserves, which was $6.3 billion at the end of 2025, is attributed to sustained profitability and a reserve base comprising short-duration, high-quality liquid assets.
USDT ranks as the third-largest cryptocurrency, with a market capitalization of nearly $190 billion, behind bitcoin and ether. The majority of Tether's reserves are invested in U.S. government-backed securities 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 one of the top 10 buyers of U.S. Treasuries, surpassing several countries.
Additionally, the company holds approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.