Tether has released its financial report for the first quarter of 2026, audited by BDO. The stablecoin issuer reported a net profit of $1.04 billion.
The company’s total assets reached $191.7 billion against liabilities of $183.5 billion, with excess reserves climbing to a record $8.23 billion.
The majority of the backing for USDT consists of short-term U.S. Treasury bonds, totaling $141 billion. Tether ranks 17th among the largest holders of U.S. government debt worldwide.
In addition to bonds, the reserves include:
- $20 billion in physical gold;
- Approximately $7 billion in Bitcoin.
Tether's CEO, Paolo Ardoino, emphasized that the company prioritizes liquidity and system stability under all market conditions. He noted that in April, the supply of USDT increased by another $5 billion following the launch of the non-custodial wallet tether.wallet.
Tether's own investments in external projects are not included in the backing of the stablecoin and are funded from accumulated profits. The company's excess reserves are comparable to the market capitalization of the largest stablecoins.
On April 30, Tether's investment division proposed merging three companies to create a leading public organization in the Bitcoin industry.