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Tether has reported a first-quarter net profit of $1.04 billion U.S. and that its reserves increased to a record $8.23 billion U.S. as global adoption of stablecoins accelerates.
Privately held Tether is the issuer of the USD Coin (CRYPTO: $USDT), the largest stablecoin by market capitalization in the world.
The company previously reported a net profit of more than $10 billion U.S. for all of 2025.
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The amount of the dollar-pegged USDT in circulation remained stable, with total token-related liabilities of about $183 billion U.S. as of March 31 this year, said the company.
The El Salvador-based company said that its total assets now stand at just under $192 billion U.S.
The latest financial report from Tether was released at a time of increasing demand for stablecoins as they find a growing role in international payments.
Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar or price of gold.
Tether’s USDT is now the third-largest cryptocurrency after Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH), with a market capitalization of just under $190 billion U.S.
The majority of Tether’s reserves are held in U.S. government-backed instruments and short-term liquidity facilities, the firm said.
Tether has become a top 10 buyer of U.S. government bonds over the past two years, surpassing Israel and the United Arab Emirates (UAE).
The physical gold holdings of Tether are roughly $20 billion U.S. and its Bitcoin reserves stand at approximately $7 billion U.S., said the company’s management team.
As a privately held company, Tether’s stock doesn’t trade on a public exchange.