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First-quarter profit reached $1.04 billion, while excess reserves rose to a record $8.23 billion, as demand for Tether’s dollar-pegged stablecoin USDT held steady amid volatile markets.
In a quarterly attestation prepared by BDO, the issuer of USDT reported total assets of about $191.8 billion and liabilities of roughly $183.5 billion as of March 31. Token-related liabilities accounted for nearly all of the total, with USDT circulation broadly unchanged at around $183 billion, the company said.
Tether said its reserves remain concentrated in short-duration, high-quality liquid assets. It reported about $141 billion in direct and indirect exposure to U.S. Treasury bills and said it is the 17th-largest holder of Treasuries globally.
Excess reserves increased from about $6.3 billion at the end of 2025, supported by continued profitability. The company reported more than $10 billion in net income for full-year 2025.
Beyond Treasuries, Tether’s holdings include about $20 billion in physical gold and roughly $7 billion in bitcoin. The company described this as part of a strategy to balance liquidity with exposure to assets that may perform during market stress.
Overall, Tether said its assets exceeded liabilities by about $8.23 billion at the end of the quarter. It added that proprietary investments made through a separate unit are funded from excess capital and are not included in reserves backing USDT.
The results were reported as stablecoins gain traction beyond crypto trading, increasingly used for cross-border payments and dollar access. Tether said industry adoption has accelerated in recent months, including expanded settlement initiatives across multiple blockchain networks.
The attestation is described as a step toward a full audit, which the company said began during the quarter.
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