Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, accompanied by a record $8.23 billion in excess reserve assets. The company's latest financial report did not include comparative figures for the previous year or the fourth quarter, but it did mention a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total liabilities associated with the USDT token remained steady at approximately $183 billion, while the company's total assets stood at nearly $192 billion.
This news comes at a time when global demand for stablecoins is increasing, driven by their expanding use in international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to nine blockchains. Tether's excess reserves have grown from $6.3 billion at the end of 2025, attributed to the company's ongoing 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, 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 countries like Taiwan, Israel, and the UAE.
Additionally, Tether holds around $20 billion in physical gold and approximately $7 billion in Bitcoin reserves.