Tether, the entity behind the most valuable stablecoin, has announced a net profit of $1.04 billion for the first quarter, accompanied by a substantial increase in its reserve buffer to $8.23 billion. Although the company did not release comparative figures for the previous year or the last quarter, it did disclose a net profit exceeding $10 billion for the entirety of 2025. As of March 31, the total value of the USDT stablecoin in circulation remained relatively stable, with the company's total liabilities related to the token amounting to approximately $183 billion.
The firm's total assets stood at nearly $192 billion. The release of this report coincides with a surge in global demand for stablecoins, driven by their increasing use in international payments beyond the realm of cryptocurrency trading. This trend is exemplified by Visa's recent expansion of its stablecoin settlement pilot to nine blockchains.
Tether attributes the growth in its excess reserves, which have risen from $6.3 billion at the end of 2025, to sustained profitability and a reserve base comprising high-quality, liquid instruments with short durations. As the third-largest cryptocurrency, USDT trails behind bitcoin and ether, with a market capitalization of just under $190 billion. The majority of Tether's reserves are invested in U.S. government-backed instruments and short-term liquidity facilities.
Notably, the firm has become one of the top holders of U.S. Treasuries globally, with holdings valued at approximately $20 billion in physical gold and $7 billion in bitcoin reserves.