Tether Posts $1.04B Q1 Profit, Says $141B in U.S. Treasuries

Tether, the El Salvador-based issuer of the USDT stablecoin, reported approximately $1.04 billion in net profit for the first quarter of 2026 and released its quarterly reserve figures on Friday. The company reported total reserve assets of nearly $192 billion and a reserve buffer of $8.23 billion, the largest buffer it has reported to date.

Tether reported that roughly $141 billion of its reserves are held in U.S. Treasury securities. The firm described that allocation as part of its approach to liquidity and diversification. Other disclosed holdings include about $20 billion in physical gold and roughly $7 billion in Bitcoin.

The company said a full audit by KPMG began during the first quarter of 2026. Prior to that engagement, Tether’s figures were verified by an Italian attestation service that relies on company-provided statements. Tether stated it expects the KPMG audit to offer a fuller third-party review of its reserves; until the audit is completed and published, the firm’s reported totals remain based on its own reporting and previous attestations.

Tether’s Q1 profit is roughly in line with the same quarter a year earlier and below the company’s record 2024 profit of $4.52 billion, a year in which gains in Bitcoin and gold contributed to higher results. At the time of the release, Tether did not provide an audited financial statement for the quarter.

Separately, Tether announced plans for modular Bitcoin mining hardware developed with Canaan Inc. and ACME Swisstech. The new design separates compute elements from power and cooling components, a configuration the company said allows operators to adjust and maintain each element independently.

Tether has increased activity in the U.S. market, launching a token intended to comply with recent U.S. stablecoin rules and citing the formal legalization of stablecoin issuance as a factor in expanded operations. The company’s U.S. presence has drawn congressional attention: two U.S. senators sent a letter to Commerce Secretary Howard Lutnick seeking information about his ties to the offshore stablecoin issuer.