Tether, the leading stablecoin issuer, has announced a net profit of $1.04 billion for the first quarter, accompanied by a significant increase in excess reserves to $8.23 billion. The company's financial report did not include comparisons to the previous year or the last quarter but noted a net profit exceeding $10 billion for the entirety of 2025. The circulation of the USDT stablecoin remained steady, with total token-related liabilities of approximately $183 billion as of March 31.
The company's total assets stand at nearly $192 billion. This report comes at a time when stablecoins are gaining traction globally for uses beyond cryptocurrency trading, including international payments. Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains.
Tether's excess reserves have grown from $6.3 billion at the end of 2025, attributed to the company's continued profitability and a strong reserve base in high-quality, liquid instruments. As the third-largest cryptocurrency, USDT has a market capitalization of just under $190 billion, 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 worldwide and a top 10 buyer over the past two years. Additionally, Tether holds approximately $20 billion in physical gold and $7 billion in bitcoin reserves.