Tether reported over $1 billion in profit for the first quarter of 2026, despite turbulent conditions in the broader crypto market. The world's largest stablecoin issuer announced net profit reached approximately $1.04 billion for the quarter.
The company also revealed its reserve buffer-the cushion between the value of USDT in circulation and the assets backing them-hit an all-time high of $8.23 billion. Tether says it holds nearly $192 billion in total reserves, with about $141 billion in U.S. Treasuries, positioning it as one of the largest holders of American government debt globally. Additional holdings include roughly $20 billion in physical gold and about $7 billion in Bitcoin.
Notably, Tether announced that its first-ever full audit, conducted by KPMG, commenced during the first fiscal quarter. Unlike past attestations verified by an Italian service, this marks a move toward Big Four accounting standards as the El Salvador-based firm expands its U.S. footprint.
The Q1 profit roughly matches last year's results but falls short of 2024's record $4.52 billion, which was fueled by surges in Bitcoin and gold prices. Tether's growing prominence in the U.S. comes amid new stablecoin regulations and increased political scrutiny. Two U.S. senators recently questioned Commerce Secretary Howard Lutnick about his ties to the company.