Tether, the leading stablecoin issuer, has announced a net profit of $1.04 billion for the first quarter, alongside a significant increase in its reserve buffer to $8.23 billion. The company did not disclose year-over-year or quarter-over-quarter comparisons but reported a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total liabilities related to its dollar-pegged USDT remained stable at approximately $183 billion, with total assets nearing $192 billion.
This quarterly report comes at a time when global demand for stablecoins is on the rise, driven by their expanding use in international payments beyond cryptocurrency 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 focused on high-quality, short-duration liquid instruments. With a market capitalization of nearly $190 billion, USDT ranks as the third-largest cryptocurrency.
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 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.