Tether, the entity behind the most valuable stablecoin, announced a net profit of $1.04 billion for the first quarter, accompanied by a record surge in 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 circulation of the USDT stablecoin remained steady, with total token-related liabilities amounting to approximately $183 billion, according to the company's quarterly report. Total assets stood at nearly $192 billion. The release of this report coincides with a global increase in demand for stablecoins, which are being utilized beyond cryptocurrency trading as a means for international transactions.
Recently, Visa expanded its stablecoin settlement pilot to nine blockchains. The growth in excess reserves, which increased from $6.3 billion at the end of 2025, is attributed to the company's sustained profitability and a reserve base comprising short-duration, high-quality liquid instruments. USDT ranks as the third-largest cryptocurrency, preceded by bitcoin and ether, 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 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 around $7 billion in bitcoin reserves.