Tether, the entity behind the largest stablecoin by market capitalization, has announced a first-quarter net profit of $1.04 billion, accompanied by a record increase in excess reserves to $8.23 billion. The company did not release comparative figures for the previous year or the preceding quarter but had reported a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total liabilities associated with the USDT token were approximately $183 billion, with the company's total assets nearing $192 billion. This news comes at a time when stablecoins are experiencing heightened global demand, driven by their expanding use in international payments beyond cryptocurrency trading.
Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains, underscoring the growing relevance of stablecoins. Tether's excess reserves have grown from $6.3 billion at the end of 2025, supported by the company's sustained profitability and a reserve base focused on high-quality, liquid instruments. With a market capitalization of nearly $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, positioning the company as the 17th-largest holder of U.S. Treasuries worldwide. Over the past two years, Tether has emerged as a top 10 buyer of U.S. Treasuries, surpassing several countries.
Additionally, the company holds approximately $20 billion in physical gold and about $7 billion in Bitcoin reserves.