Tether, the entity responsible for issuing the most widely used stablecoin, has announced a net profit of $1.04 billion for the first quarter, accompanied by a significant increase in its reserve buffer to $8.23 billion. The firm did not disclose comparative figures for the previous year or the last quarter but mentioned a net profit exceeding $10 billion for the entirety of 2025.
As of March 31, the supply of USDT, the dollar-pegged stablecoin, remained stable, with total token-related liabilities amounting to approximately $183 billion. The company's total assets stand at nearly $192 billion. This report comes at a time when the global demand for stablecoins is on the rise, driven by their expanding use in international payments beyond cryptocurrency trading. 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, supported by the company's continued profitability and a reserve base primarily composed of high-quality, short-duration liquid instruments. With a market capitalization of almost $190 billion, USDT ranks as the third-largest cryptocurrency, following 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 and a top 10 buyer over the past two years. Additionally, Tether holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.