Tether, the leading stablecoin issuer by market capitalization, announced a net profit of $1.04 billion for the first quarter, with its excess reserve funds reaching a record high of $8.23 billion. The company did not release comparable 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 value of USDT in circulation remained stable, with token-related liabilities of approximately $183 billion. The company's total assets amount to nearly $192 billion.
This report comes at a time when stablecoins are experiencing increased global demand, driven by their expanding use in international payments beyond cryptocurrency trading. Recently, Visa announced the expansion of its stablecoin settlement pilot to nine blockchains. Tether's excess reserves have grown from $6.3 billion at the end of 2025, supported by the company's continued profitability and a reserve base composed of short-duration, high-quality liquid instruments. USDT ranks as the third-largest cryptocurrency, with 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 firm being the 17th-largest holder of U.S.
Treasuries globally. Over the past two years, Tether has become a top 10 buyer of U.S. Treasuries, surpassing countries like Taiwan, Israel, and the UAE. Additionally, the company holds approximately $20 billion in physical gold and around $7 billion in bitcoin reserves.