Authored by Nate Kostar via CoinTelegraph.com,
Stablecoin issuer Tether (USDT) reported $1.04 billion in net profit for the first quarter of 2026, as its excess reserves rose to a record $8.23 billion, according to its latest attestation on Friday.
The companysaidits reserves remain heavily concentrated in US Treasuries, with around $141 billion in direct and indirect exposure, while total assets of about $191.8 billion exceeded liabilities of approximately $183.5 billion as of March 31.
Tether said this level of exposure makes it the 17th largest holder of US Treasuries globally. Beyond Treasuries, reserves included about $20 billion in physical gold and $7 billion in Bitcoin (BTC).
USDT circulating supply remained broadly stable at about $183 billion at the end of the first quarter. After the period, CEO Paolo Ardoino said supply has increased by more than $5 billion into April.
Tether said its proprietary investments are held separately from reserves backing USDT (USDT) and are funded through excess capital and profits.
The report was prepared by accounting firm BDO. The company also said it has begun theformal audit process.
Tether is the issuer of USDT (USDT), the largest stablecoin by market capitalization. According to DefiLlamadata, the total stablecoin market is valued at about $320 billion, with USDT accounting for roughly 59% of the sector.
Total stablecoins market cap. Source:DefiLlama
Ardoino said in a post on X on Friday that USDT’s user base reached an all-time high of about 570 million in the first quarter, citing demand for dollars across emerging markets.
Source: ZeroHedge News
