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World’s largest stablecoin issuer Tether reported a strong start to 2026 after posting $1.04 billion in net profit for the first quarter. The company said the earnings were achieved despite distress in global financial markets during the period.
Tether said its excess reserves rose to an all-time high of $8.23 billion as of March 31. The firm noted that most of its reserves are held in short-term, high-quality liquid instruments.
In the report, Tether stated that its direct and indirect exposure to U.S. Treasury bills totaled about $141 billion as of the end of the first quarter.
Tether also reported sustained global usage of its stablecoin, pointing to continued stablecoin supply at scale through its circulating supply figures.
The company said it continued diversifying a portion of its reserves across both digital assets and physical assets. It reported precious metal holdings of about $20 billion in physical gold and total Bitcoin holdings worth about $7 billion.
Tether said the diversification is intended to balance liquidity needs while maintaining exposure to assets that may perform under macroeconomic stress.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
