Tether Reports $1.04 Billion Q1 Profit as Reserve Buffer Reaches Record $8.23 Billion

Tether International, S.A. de C.V. has published its attestation for the first quarter of 2026, outlining the composition of reserves backing its USD₮ stablecoin.

Tether just released its quarterly attestation for Q1 2026.

Tether had a great start of the year, with more than 1B in net profits, despite highly volatile global markets.

USDT user base grew throughout the first quarter of 2026, reaching the new all-time-high of 570M, boosted… https://t.co/jtCS6Kb0vW
— Paolo Ardoino 🤖 (@paoloardoino) May 1, 2026

The report, prepared by BDO, confirms the company’s financial figures as of March 31st, 2026.

Tether reported approximately $1.04 billion in net profit for the quarter, achieved during a period of elevated global market volatility.

The company’s excess reserves rose to $8.23 billion, reflecting accumulated earnings and a continued focus on liquid assets.

Total assets were reported at $191.77 billion, compared to $183.54 billion in liabilities, the majority of which are tied to issued digital tokens.

This results in a surplus of $8.23 billion backing the circulating supply of USD₮, which remained broadly stable at scale during the period.

The company’s reserves are primarily allocated to short-term, high-quality liquid instruments.

Exposure to U.S. Treasury bills totaled approximately $141 billion, representing the largest share of holdings.

Tether stated that this allocation supports liquidity management across varying market conditions and positions the firm among the larger global holders of U.S. government debt.

Additional reserve assets include approximately $20 billion in physical gold and about $7 billion in Bitcoin.

These allocations represent a smaller portion of total reserves and are intended to diversify exposure beyond sovereign debt instruments.

Tether noted that proprietary investments held through its investment arm are excluded from the reserves backing USD₮.

These investments are funded separately from excess capital and do not affect the assets supporting issued tokens.

“Our responsibility is to make sure USD₮ works without compromise,” said Tether CEO Paolo Ardoino.

“That means building a system that behaves the same way in any market condition, not just when things are stable. The focus is on keeping the structure simple, liquid, and resilient by design, so it does not depend on favorable environments or external support. People should not have to question whether the system works; it just has to work. As of April, USD₮ continues to trade at or near all-time highs in circulation, with an increase of more than 5 billion USD₮, reflecting sustained demand into the second quarter, reinforced also by the release of the Tether Wallet, The People’s Wallet, a self-custody application built for the hundreds of millions of people in the world that use USD₮ daily as their lifeline.”

The company also indicated that its formal audit process has begun. The attestation provides a snapshot of reserve composition and financial position as demand for dollar-denominated digital assets continues across global markets.