Tether, the entity behind the most valuable stablecoin, has disclosed a net profit of $1.04 billion for the first quarter, accompanied by a notable increase in its reserve buffer to $8.23 billion. The company did not provide comparative figures for the previous year or the last quarter, but it did announce 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 amounting to approximately $183 billion. The company's total assets stand at nearly $192 billion.
This report emerges at a time when stablecoins are gaining traction globally for uses beyond cryptocurrency trading, such as facilitating international payments. 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, attributed to the company's sustained 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, after bitcoin and ether. The majority of Tether's reserves are invested in U.S.
government-backed instruments and short-term liquidity facilities, positioning the company as the 17th-largest holder of U.S. Treasuries worldwide. Over the past two years, Tether has become a top 10 buyer of U.S.
Treasuries, surpassing several countries. Additionally, the company holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.