Tether Posts $1.04B Q1 Profit, Excess Reserves Hit Record $8.23B

According to The Block, Tether published its Q1 2026 attestation on Friday, posting $1.04 billion in net profit and reaching record excess reserves of $8.23 billion as of March 31. The independent audit by BDO showed the stablecoin issuer's reserves remain heavily concentrated in short-duration, high-quality liquid instruments, with approximately $141 billion in U.S. Treasury bill exposure, making Tether one of the top 20 largest holders of U.S. Treasurys globally.

Beyond Treasuries, reserves include gold holdings valued at around $20 billion and bitcoin worth approximately $7 billion. Total assets stood at $191.7 billion with total liabilities at $183.5 billion as of March 31. CEO Paolo Ardoino noted that as of April, USDT in circulation increased by more than 5 billion tokens, reflecting sustained demand into the second quarter.