Tether, the leading stablecoin issuer by market capitalization, has announced a first-quarter net profit of $1.04 billion, with its excess reserve fund reaching a record high of $8.23 billion. The company did not provide comparative figures for the previous year or the preceding quarter, but reported 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 stable, with total token-related liabilities amounting to approximately $183 billion.
The company's total assets stood at nearly $192 billion. The quarterly report coincides with a surge in global demand for stablecoins, driven by their increasing use in international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to nine blockchains, including Base, Polygon, Canton Network, Arc, and Tempo, in addition to its existing support for Ethereum, Solana, Avalanche, and Stellar. 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, with a market capitalization of nearly $190 billion, trailing behind bitcoin and ether. 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 globally.
Over the past two years, Tether has become a top 10 buyer of U.S. Treasuries, surpassing countries such as Taiwan, Israel, and the UAE.
Additionally, the company holds approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.