Tether reported $1.04 billion in net profit for the first quarter of 2026, while excess reserves climbed to a record $8.23 billion, according to its Financial Figures and Reserves Report reviewed by BDO. The figures cover the period ending March 31, 2026.
Balance sheet shows nearly $191.8 billion in assets
Management said Tether held total assets of $191,767,741,495 against total liabilities of $183,535,531,717. Of that liability base, roughly $183.4 billion was tied to issued digital tokens, primarily USDT. On that basis, assets exceeded liabilities by $8,232,209,778, which the company classifies as excess reserves.
Tether also said its proprietary investments held through Tether Investments are funded from excess capital and profits rather than assets backing USDT. The company said those positions are fully separated from token reserves.
$141 billion in U.S. Treasury exposure, plus gold and Bitcoin holdings
On the reserve side, Tether said it remained focused on short-duration, highly liquid assets. As of the end of March, its direct and indirect exposure to U.S. Treasuries stood at $141 billion. The report described that level as enough to rank Tether as the 17th-largest holder of U.S. government debt globally.
The company also disclosed other major positions outside Treasuries. It held about $20 billion in physical gold and about $7 billion in Bitcoin, giving a clearer picture of how its broader balance sheet is allocated.
Ardoino says USDT supply grew by more than $5 billion in April
Chief Executive Officer Paolo Ardoino said Tether's job is to keep USDT functioning across all market conditions, with an emphasis on a structure that is simple, liquid, and resilient.
He added that the second quarter started with continued growth. As of April, USDT circulation remained near all-time highs, with supply increasing by more than $5 billion in that month alone. Ardoino linked part of that demand to the launch of Tether Wallet, a self-custody application aimed at users who rely on USDT in everyday financial activity.