Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, coupled with a record excess reserve of $8.23 billion. The company did not disclose comparative figures for the previous year or the last quarter but noted a net profit exceeding $10 billion for the entirety of 2025.
As of March 31, the total USDT in circulation remained stable, with the firm's total liabilities amounting to approximately $183 billion and total assets nearing $192 billion. This quarterly report comes at a time when stablecoins are gaining traction globally for uses beyond cryptocurrency trading, such as international payments.
Recently, Visa expanded its stablecoin settlement pilot to include nine blockchains. Tether's excess reserves, which have increased from $6.3 billion at the end of 2025, are attributed to the company's sustained 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, following bitcoin and ether. The majority of Tether's reserves are invested in U.S. government-backed instruments and short-term liquidity facilities, positioning the firm as the 17th-largest holder of U.S.
Treasuries worldwide and a top 10 buyer over the past two years, surpassing several countries. Additionally, Tether holds approximately $20 billion in physical gold and about $7 billion in bitcoin reserves.