Tether posts $1.04 billion Q1 profit, reaches $8.23 billion reserve buffer
The stablecoin issuer said the crypto market was highly volatile during the first quarter.
What to know:
- Tether reported first-quarter net profit of $1.04 billion and said its excess reserves rose to a record $8.23 billion.
- The issuer of the USDT stablecoin said its total assets are just under $192 billion against liabilities of slightly more than $183.5 billion, with most reserves in U.S. government-backed instruments.
- Tether now counts roughly $20 billion in physical gold and about $7 billion in bitcoin among its reserves, as stablecoins see growing use in international payments.
The amount of the dollar-pegged USDT in circulation remained stable, with total token-related liabilities of about $183 billion as of March 31, the firm said in its quarterly report. The company’s total assets are just under $192 billion, it said.
The report was released at a time of increasing global demand for stablecoins as they find uses outside crypto trading as a mechanism for international payments. Just this week, Visa announced expansion of its stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc and Tempo to existing support for Ethereum, Solana, Avalanche and Stellar.
Excess reserves, up from $6.3 billion at end-2025, were supported by “continued profitability and a reserve base concentrated in short-duration, high-quality liquid instruments,” the company said.
USDT is the third-largest cryptocurrency, behind bitcoin and ether (ETH), with a market capitalization of just under $190 billion.
