Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, accompanied by a substantial increase in its excess reserves to $8.23 billion. 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 total value of USDT in circulation remained stable, with the company's total liabilities amounting to approximately $183 billion and its total assets nearing $192 billion. The quarterly report comes at a time when stablecoins are gaining traction globally for their 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, backed by the company's continued 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, after Bitcoin and Ether. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, with the firm being the 17th-largest holder of U.S. Treasuries worldwide. Over the past two years, Tether has become one of the top 10 buyers of U.S.
Treasuries, surpassing countries like Taiwan, Israel, and the UAE. The company also holds approximately $20 billion in physical gold and around $7 billion in Bitcoin reserves.