Tether, the leading stablecoin issuer, has announced a net profit of $1.04 billion for the first quarter, with its excess reserves reaching a record high of $8.23 billion. The company did not release comparative figures for the previous year or the last quarter, but reported a net profit exceeding $10 billion for the entire year of 2025. As of March 31, the total value of USDT in circulation remained stable, with token-related liabilities of approximately $183 billion, while the company's total assets stood at nearly $192 billion.
This quarterly report comes at a time when global demand for stablecoins is increasing, driven by their expanding use in international payments beyond crypto trading. Recently, Visa expanded 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 is the third-largest cryptocurrency, with a market capitalization of nearly $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 and a top 10 buyer over the past two years. Additionally, Tether holds roughly $20 billion in physical gold and approximately $7 billion in bitcoin reserves.