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 reported 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 token-related liabilities of approximately $183 billion.
The company's total assets stood at nearly $192 billion. The quarterly report coincides with growing global demand for stablecoins, which are increasingly being utilized for 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 continued profitability and a reserve base comprising short-duration, 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 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 Taiwan, Israel, and the UAE. The company's physical gold holdings are valued at around $20 billion, while its bitcoin reserve is approximately $7 billion.