Tether, the largest stablecoin issuer by market value, said its net profit in the first quarter was US$1.04 billion, and excess reserves increased to a record US$8.23 billion.
The company did not provide figures for the same period last year or for the fourth quarter. The company reported full-year net profit of more than $10 billion in 2025.
The company said in its quarterly report that the circulation of USDT, which is pegged to the U.S. dollar, remained stable and that as of March 31, total token-related liabilities were approximately $183 billion. The company’s total assets are said to be just under $192 billion.
The report comes amid increasing global demand for stablecoins, as they find they can be used as international payment mechanisms outside of cryptocurrency transactions. Just this week, Visa announced the expansion of its stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc, and Tempo in addition to existing support for Ethereum, Solana, Avalanche, and Stellar.
The company said excess reserves were up from $6.3 billion at the end of 2025, supported by “sustained profitability and a reserve base focused on short-term high-quality liquidity instruments.”
USDT is the third largest cryptocurrency after Bitcoin and Ethereum (ETH), with a market capitalization of just under $190 billion.
The majority of Tether’s reserves are in U.S. government-backed instruments and short-term liquidity facilities, the company said, adding that it was the world’s 17th-largest holder of U.S. Treasuries. Over the past two years, Tether has surpassed Taiwan, Israel and the United Arab Emirates to become the top 10 buyers of U.S. Treasuries.
The company said its physical gold holdings are about $20 billion and its Bitcoin reserves are about $7 billion.