Tether, the leading stablecoin issuer, has announced a first-quarter net profit of $1.04 billion, with its excess reserves surging to a record $8.23 billion. Although year-over-year and fourth-quarter comparisons were not provided, the company reported a net profit exceeding $10 billion for the entirety of 2025. The circulating supply of the USDT stablecoin remained stable, with token-related liabilities totaling approximately $183 billion as of March 31. The company's total assets stand at nearly $192 billion.
The quarterly report's release coincides with growing global demand for stablecoins, driven by their increasing use in international payments beyond cryptocurrency trading. Recently, Visa expanded its stablecoin settlement pilot to nine blockchains. Tether's excess reserves, which increased from $6.3 billion at the end of 2025, are attributed to the company's continued profitability and a reserve base composed of short-duration, high-quality liquid instruments.
As the third-largest cryptocurrency, USDT boasts a market capitalization of nearly $190 billion, trailing only bitcoin and ether. The majority of Tether's reserves are invested in U.S. government-backed instruments and short-term liquidity facilities, with the company ranking as 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 several countries.
Additionally, the company holds approximately $20 billion in physical gold and $7 billion in bitcoin reserves.