Tether, issuer of the biggest stablecoin by market capitalization, mentioned first-quarter web revenue was $1.04 billion and extra reserves elevated to a report $8.23 billion.
The corporate didn’t present year-earlier or fourth-quarter figures. It reported a web revenue of greater than $10 billion for all of 2025.
The quantity of the dollar-pegged USDT in circulation remained secure, with whole token-related liabilities of about $183 billion as of March 31, the agency mentioned in its quarterly report. The corporate’s whole property are just below $192 billion, it mentioned.
The report was launched at a time of accelerating world demand for stablecoins as they discover makes use of exterior crypto buying and selling as a mechanism for worldwide funds. Simply this week, Visa introduced enlargement of its stablecoin settlement pilot to 9 blockchains, including Base, Polygon, Canton Community, Arc and Tempo to current help for Ethereum, Solana, Avalanche and Stellar.
Extra reserves, up from $6.3 billion at end-2025, had been supported by “continued profitability and a reserve base concentrated in short-duration, high-quality liquid devices,” the corporate mentioned.
USDT is the third-largest cryptocurrency, behind bitcoin and ether (ETH), with a market capitalization of just below $190 billion.
Nearly all of Tether’s reserves are held in U.S. government-backed devices and short-term liquidity services, the agency mentioned, including that it’s the Seventeenth-largest holder of U.S. Treasuries globally. Tether has change into a prime 10 purchaser of U.S. Treasuries over the previous two years, surpassing Taiwan, Israel and the UAE.
Its bodily gold holdings are roughly $20 billion and its bitcoin reserve is roughly $7 billion, it mentioned.
