Tether, issuer of the biggest stablecoin by market capitalization, stated first-quarter internet revenue was $1.04 billion and extra reserves elevated to a document $8.23 billion.
The corporate didn’t present year-earlier or fourth-quarter figures. It reported a internet 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 stated in its quarterly report. The corporate’s whole belongings are just below $192 billion, it stated.
The report was launched at a time of accelerating international demand for stablecoins as they discover makes use of outdoors 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 present help for Ethereum, Solana, Avalanche and Stellar.
Extra reserves, up from $6.3 billion at end-2025, have been supported by “continued profitability and a reserve base concentrated in short-duration, high-quality liquid instruments,” the company said.
USDT is the third-largest cryptocurrency, behind bitcoin and ether (ETH), with a market capitalization of just below $190 billion.
The vast majority of Tether’s reserves are held in U.S. government-backed devices and short-term liquidity amenities, the agency stated, including that it’s the Seventeenth-largest holder of U.S. Treasuries globally. Tether has grow to be 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 stated.
