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Tether reported $1.04 billion in net profit for the first quarter of 2026, alongside a record $8.23 billion in excess reserves. The results come from its latest attestation, which also shows the stablecoin issuer’s balance sheet continuing to expand.
According to the attestation, total assets stood at $191.77 billion, compared with $183.54 billion in liabilities, largely tied to issued tokens. The difference between assets and liabilities—often used as a measure of financial resilience—reached its highest level to date.
A significant portion of Tether’s reserves is concentrated in U.S. government debt. The company reported holding $117.04 billion in U.S. Treasury bills. Total cash equivalents and short-term deposits were $141.22 billion.
The allocation reflects a broader shift toward highly liquid, low-risk assets, aligning Tether more closely with traditional money market structures.
In addition to Treasuries, Tether’s reserves include a mix of other asset types. The attestation lists the following:
While these holdings add diversification, they also introduce additional considerations around volatility, liquidity, and counterparty exposure, particularly during stressed market conditions.
The report, prepared by BDO, is an attestation rather than a full financial audit. It represents a snapshot of Tether’s reserves at a specific point in time and assumes normal market conditions. It does not account for potential disruptions such as liquidity stress or counterparty defaults.
This distinction remains central to ongoing debates around reserve transparency in the stablecoin sector.
Tether’s latest figures underscore the scale of the stablecoin market, with liabilities tied to issued tokens now exceeding $183 billion. At the same time, the composition of reserves—and how they perform under stress—continues to influence perceptions of risk across the sector.
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