Tether, the leading stablecoin issuer, has announced a net profit of $1.04 billion for the first quarter, accompanied by a record increase in excess reserves to $8.23 billion. Although year-over-year and fourth-quarter figures were not provided, the company reported a net profit exceeding $10 billion for the entirety of 2025. The circulation of the USDT stablecoin remained steady, with total token-related liabilities amounting to approximately $183 billion as of March 31. The firm's total assets are valued at nearly $192 billion.
The quarterly report highlights the growing demand for stablecoins in international payments, further underscored by Visa's recent expansion of its stablecoin settlement pilot to nine blockchains. Tether's excess reserves have risen from $6.3 billion at the end of 2025, attributed to the company's continued profitability and a reserve base comprising short-duration, high-quality liquid instruments. As the third-largest cryptocurrency, USDT boasts a market capitalization of just under $190 billion.
The majority of Tether's reserves are invested in U.S. government-backed instruments and short-term liquidity facilities, with the company ranking as the 17th-largest holder of U.S. Treasuries globally. Additionally, Tether has become a top 10 buyer of U.S.
Treasuries over the past two years, surpassing several countries. The company's physical gold holdings are valued at roughly $20 billion, while its bitcoin reserve is approximately $7 billion.