Tether Q1 profit $1.04B; reserves $8.23B, Treasuries $141B

Tether reported $1.04 billion in net profit for the three months ended March 31, 2026. The company listed total assets of about $191.8 billion and liabilities of $183.5 billion for the quarter.

An attestation from accounting firm BDO confirmed the figures and showed USDT supply near $183 billion during the period. Tether reported circulation grew by more than $5 billion after March as demand continued into the second quarter.

The company’s reserves remain concentrated in short-term, highly liquid instruments. U.S. Treasury bills represented about $141 billion of the reserves. The reserve mix includes roughly $20 billion in physical gold and about $7 billion in bitcoin, which Tether described as intended to provide resilience in periods of macroeconomic stress while preserving liquidity.

Tether said proprietary investments are held separately from the reserves that back USDT and are funded with excess capital and profits. The attestation showed the majority of the $183.5 billion in liabilities was tied to tokens in circulation.

Chief Executive Officer Paolo Ardoino emphasized operational reliability and liquidity: “Our responsibility is to make sure USDT works without compromise. The focus is on keeping the structure simple, liquid, and resilient by design, so it does not depend on favorable environments or external support. As of April, USDT continues to trade near all-time highs in circulation, reflecting sustained demand.”

The company confirmed a formal audit process has begun and reported a rollout of a self-custody wallet to expand its ecosystem. Tether said its $8.23 billion reserve buffer would rank among the largest stablecoin reserve amounts if treated as a standalone entity.

The BDO attestation and Tether’s filings provide updated public detail on the company’s reserve composition, profitability and circulation trends as it moved into the second quarter.