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Tether, the issuer of the dollar-pegged stablecoin USDT, reported strong first-quarter results for 2026, including more than $1 billion in net profit and a record rise in excess reserves. The figures point to continued balance-sheet strengthening as demand for dollar-backed digital assets remains elevated.
Tether generated approximately $1.04 billion in net profit during the first quarter, reflecting continued income from its reserve portfolio. Excess reserves increased to a record $8.23 billion, representing capital held above the assets required to back issued tokens.
Tether said the larger buffer adds protection during market stress and supports confidence in its ability to maintain stability during periods of volatility. The increase in profitability also reflects the company’s approach to allocating reserves into yield-generating instruments.
At the end of the quarter, Tether reported total assets of approximately $191.77 billion and liabilities of $183.54 billion. Nearly all liabilities are tied to issued digital tokens, primarily USDT.
The difference between assets and liabilities reflects a growing capital cushion within Tether’s operating model, where each issued token is backed by reserves held on its balance sheet. The scale of the balance sheet places Tether among the largest entities in the digital asset ecosystem.
Tether continues to prioritize liquidity and stability in its reserve composition. The company holds roughly $141 billion in U.S. Treasury bills, which make up the dominant portion of its portfolio.
In addition to government debt, reserves include approximately $20 billion in physical gold and around $7 billion in Bitcoin. Tether’s stated portfolio mix is designed to balance liquidity with exposure to alternative assets.
The large allocation to Treasuries also positions Tether among the top global holders of U.S. government debt, underscoring its growing influence in traditional financial markets.
Tether reported continued growth in USDT circulation, with supply rising by an additional $5 billion in April at the start of the second quarter. The expansion reflects sustained demand for dollar-denominated digital assets used in trading, payments, and cross-border transactions.
The consistent increase in supply signals ongoing reliance on USDT as a key liquidity instrument across crypto markets.
CEO Paolo Ardoino said Tether’s primary objective is maintaining operational stability under all market conditions, with the aim of ensuring USDT functions reliably without requiring external support.
Tether also highlighted continued compliance efforts. In April, the firm coordinated with U.S. authorities to freeze $344 million in USDT linked to illicit activity.
Overall, the latest results describe Tether’s shift from a crypto-native issuer toward a larger participant in global financial markets, supported by a growing reserve base, profitability, and exposure to government debt. As demand for digital dollars continues, Tether said maintaining liquidity, transparency, and regulatory cooperation will remain central to its long-term position.
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