Tether, the leading stablecoin issuer, released its Q1 2026 attestation report, showing a net profit of $1.04 billion and excess reserves surging to a record $8.23 billion. The report, prepared by independent accounting firm BDO, provides a snapshot of reserves as of March 31 and is not a full audit.
U.S. Treasury Holdings Rank in Global Top 20
Tether's U.S. Treasury holdings reached $141 billion, placing it among the world's top 20 holders—on par with sovereign nations like Saudi Arabia and South Korea. The company emphasized that its reserves are heavily concentrated in short-duration, high-quality, liquid instruments.
Strategic Allocation: Gold and Bitcoin
Beyond Treasuries, Tether holds approximately $20 billion in physical gold and $7 billion in Bitcoin. The firm described the diversification as a deliberate move to balance liquidity, resilience, and preservation of value under extreme macroeconomic stress.
CEO: Ensure USDT Operates in Any Market Condition
As of March 31, Tether's total assets exceeded $191.7 billion, against total liabilities of $183.5 billion—of which $183.4 billion came from issued tokens. Excess reserves stood at $8.2 billion. Tether Investments' private equity funding is separate from USDT reserves, sourced entirely from earnings and excess capital.
CEO Paolo Ardoino stated the company's responsibility is to ensure USDT functions in any market condition, building a system that remains stable in both calm and stormy times.
Q2 Circulation Rising
In Q1, USDT circulation remained stable, with issuance liabilities of about $183 billion at quarter-end. Ardoino noted that entering April, USDT circulation continued to approach or break all-time highs, adding more than 50 million USDT in a short period, signaling robust demand in Q2.