Tether, the leading stablecoin issuer by market capitalization, announced a net profit of $1.04 billion for the first quarter, accompanied by a record increase in excess reserves to $8.23 billion. The company did not disclose comparative figures for the previous year or the fourth 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 the USDT token stood at approximately $183 billion, with the company's total assets nearing $192 billion. This report comes at a time when stablecoins are experiencing growing global demand, driven by their expanding use cases beyond cryptocurrency trading, such as facilitating international payments. Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains. Tether's excess reserves, which have grown from $6.3 billion at the end of 2025, are attributed to the company's sustained profitability and a reserve base comprising short-duration, high-quality liquid instruments.
With a market capitalization of nearly $190 billion, USDT ranks as the third-largest cryptocurrency, trailing behind bitcoin and ether. The majority of Tether's reserves are invested in U.S. government-backed instruments and short-term liquidity facilities, positioning the firm 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 including Taiwan, Israel, and the UAE.
Additionally, the company holds approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.