Tether, the leading stablecoin issuer by market capitalization, announced a net profit of $1.04 billion for the first quarter, coupled with a record excess reserve of $8.23 billion. The company's quarterly report highlighted the stability of its dollar-pegged USDT in circulation, with total token-related liabilities of approximately $183 billion as of March 31. Total assets stood at nearly $192 billion. This report comes at a time when stablecoins are gaining traction globally for international payments, beyond their traditional use in crypto trading.
Recently, Visa expanded its stablecoin settlement pilot to nine blockchains. Tether's excess reserves increased from $6.3 billion at the end of 2025, supported by the company's continued profitability and a reserve base focused on short-duration, high-quality liquid instruments.
USDT ranks as the third-largest cryptocurrency, with a market capitalization of just under $190 billion. The majority of Tether's reserves are 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 several countries. Additionally, the company holds roughly $20 billion in physical gold and approximately $7 billion in bitcoin reserves.