Strong quarterly results reinforce Tether’s position in global payments
Tether has reported robust financial performance for the first quarter, driven by broad adoption of its USDT token across trading and settlement workflows. The firm delivered net profit of $1.04 billion while lifting its excess reserve buffer to a record $8.23 billion, underscoring its capacity to maintain stability even in turbulent markets.
Key highlights
- First-quarter net profit reached $1.04 billion, building on full-year profit of more than $10 billion in 2025.
- Excess reserves climbed to an all-time high of $8.23 billion, up from $6.3 billion at the end of 2025.
- Total assets stand just below $192 billion against liabilities slightly above $183.5 billion, with most reserves held in short-duration, high-quality instruments.
- Physical gold holdings approximate $20 billion, while bitcoin reserves are valued at roughly $7 billion.
- USDT maintains its rank as the third-largest cryptocurrency, with a market capitalization near $190 billion.
Circulation of the dollar-pegged USDT remained steady through the quarter, with about $183 billion in token liabilities outstanding as of March 31. Total assets came in just below $192 billion, reflecting continued demand for on-chain liquidity and settlement tools.
Global interest in stablecoins is expanding beyond crypto-native trading into broader payments infrastructure. Earlier this week, Visa deepened its stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc and Tempo to networks already supported such as Ethereum, Solana, Avalanche and Stellar.
Management credited higher excess reserves to ongoing profitability and a reserve composition tilted toward short-duration, highly liquid assets. Tether noted that it is the 17th-largest holder of U.S. Treasuries worldwide and has become a top 10 buyer of U.S. government debt over the past two years, outpacing sovereign wealth funds from Taiwan, Israel and the UAE.
USDT ranks behind bitcoin BTC$78,140.42 and ether (ETH) in total market value, with roughly $190 billion in market capitalization, reinforcing its role as a core unit of account across major exchanges and payment corridors.
The majority of Tether’s reserves continue to be held in U.S. government-backed securities and short-term liquidity facilities. Alongside its traditional fixed-income exposure, the firm’s allocation to physical gold and bitcoin is intended to diversify the reserve base without compromising redeemability or price stability for USDT holders.
Ethereum Foundation finalizes sale of 10,000 ether to BitMine as part of its treasury strategy
The latest transaction follows a similar March deal in which the foundation sold 5,000 ETH to BitMine, raising roughly $10.2 million.
What to know:
- The Ethereum Foundation finalized the sale of 10,000 ETH to BitMine at an average price of $2,292.15 (~$22.9M), marking another treasury disposition following similar deals earlier this year.
- Proceeds will fund operations, such as R&D and ecosystem grants, as part of its ongoing treasury management strategy and will be executed...
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