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Tether reported more than $1 billion in profit for the first quarter of 2026, as the broader crypto market remained volatile. The world’s top stablecoin issuer said net profit reached approximately $1.04 billion for the quarter.
The company also said its buffer between the total value of its stablecoins in circulation and the reserves it holds to back those assets has grown to an all-time high of $8.23 billion.
Tether said it holds nearly $192 billion in reserve assets. It reported that approximately $141 billion of those reserves are held in U.S. Treasuries, positioning the firm as one of the largest holders of U.S. government debt globally.
In addition to Treasuries, Tether reported holding roughly $20 billion in physical gold and about $7 billion in Bitcoin.
Tether’s Q1 figures were not verified by a Big Four accounting firm. Instead, the company said the results were verified by an Italian service that relies on company attestations.
In March, Tether tapped KPMG for its first-ever full audit, according to a Financial Times report. Tether said Friday that the audit commenced during 2026’s first fiscal quarter.
Tether said its Q1 2026 profits roughly match last year’s performance. However, they are lower than 2024’s record profit of $4.52 billion, which the company attributed largely to a surge in the price of Bitcoin and gold.
While the crypto market has seen significant volatility in recent months, Tether has also made major inroads in the United States. The company has benefited from the formal legalization of stablecoin issuance and launched a token tailored to new U.S. regulations.
That prominence has also brought increased scrutiny. On Thursday, two U.S. senators sent a letter to U.S. Commerce Secretary Howard Lutnick, questioning the Trump administration official about his close ties to the offshore stablecoin issuer.
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