Tether, issuer of the largest stablecoin by market capitalization, said first-quarter net profit was $1.04 billion and excess reserves increased to a record $8.23 billion. The company did not provide year-earlier or fourth-quarter figures. It reported a net profit of more than $10 billion for all of 2025.
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.
USDT is the third-largest cryptocurrency, behind bitcoin and ether (ETH), with a market capitalization of just under $190 billion.
Tether has become a top 10 buyer of U.S. Treasuries over the past two years, surpassing Taiwan, Israel and the UAE. Its physical gold holdings are roughly $20 billion and its bitcoin reserve is approximately $7 billion, it said.
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