Tether, the issuer of the most widely-used stablecoin, announced a net profit of $1.04 billion for the first quarter, accompanied by a significant increase in its reserve buffer to $8.23 billion. The figures were released without comparable year-earlier or fourth-quarter data, although the company did disclose a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total value of USDT in circulation remained relatively stable, with total liabilities of approximately $183 billion.
The company's total assets stood at nearly $192 billion. This news comes at a time when the demand for stablecoins is rising globally, driven by their expanding use in international payments beyond cryptocurrency trading.
Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains. Tether's excess reserves, which grew from $6.3 billion at the end of 2025, are attributed to the company's sustained profitability and its focus on short-duration, high-quality liquid assets. USDT is currently the third-largest cryptocurrency, with a market capitalization of just under $190 billion. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, with the company 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 about $7 billion in bitcoin reserves.