Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, alongside a record $8.23 billion in excess reserves. The company did not release comparative figures for the previous year or the last quarter, but it did report a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the circulation of the USDT stablecoin remained steady, with total liabilities related to the token amounting to approximately $183 billion, according to the company's quarterly report. Total assets stood at nearly $192 billion.
The release of this report coincides with a surge in global demand for stablecoins, 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, which have grown from $6.3 billion at the end of 2025, are attributed to the company's ongoing profitability and its focus on short-term, high-quality 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 consist of 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 around $20 billion in physical gold and approximately $7 billion in bitcoin reserves.