Tether, the issuer of the world's largest stablecoin, reported a net profit of $1.04 billion for the first quarter of 2026. The company's excess reserves reached a record $8.23 billion, up from $6.3 billion at the end of last year.
The company attributed the growth to continued profitability and a reserve base concentrated in short-duration, high-quality liquid instruments. Tether's total assets stand at nearly $192 billion, with USDT in circulation representing about $183 billion in liabilities.
USDT remains the third-largest cryptocurrency by market cap, behind bitcoin and ether. The majority of Tether's reserves are held in U.S. government-backed instruments, making it 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 Taiwan, Israel, and the UAE.
Tether's physical gold holdings are roughly $20 billion, and its bitcoin reserve stands at approximately $7 billion.
The quarterly report comes as stablecoins gain traction beyond crypto trading, increasingly used for international payments. Visa recently expanded its stablecoin settlement pilot to nine blockchains, including Base, Polygon, and Canton Network.