Tether, the leading stablecoin issuer by market capitalization, announced a net profit of $1.04 billion for the first quarter and a record excess reserve of $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 total liabilities related to its dollar-pegged USDT token remained steady at approximately $183 billion, while the company's total assets stood at nearly $192 billion. The quarterly report coincided 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. Tether's excess reserves, which have grown from $6.3 billion at the end of 2025, are supported by the company's continued profitability and a reserve base comprising short-duration, high-quality liquid instruments.
With a market capitalization of almost $190 billion, USDT ranks as the third-largest cryptocurrency, after bitcoin and ether. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, making it 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.