Others
Print
Tether Posts $1.04B Q1 2026 Profit Despite Highly Volatile Global Markets, Reaches All-Time-Highs $8.23B Reserve Buffer, and Maintains U.S. Treasury-Heavy Backing

Tether International, S.A. de C.V., today published its attestation for the first quarter of 2026, prepared by BDO, a top-five global independent accounting firm. The report confirms the accuracy of Tether’s Financial Figures and Reserves Report and provides a detailed view of the assets backing USD₮ as of March 31, 2026. Excess reserves increased to a record $8.23 billion, supported by continued profitability and a reserve base concentrated in short-duration, high-quality liquid instruments.

During the quarter, despite the highly volatile market conditions, Tether generated approximately $1.04 billion in net profit. USD₮ in circulation remained broadly stable at scale, with total token-related liabilities of approximately $183 billion as of March 31, 2026. 

The Company’s reserves remain primarily allocated to short-duration, high-quality liquid instruments. As of March 31, 2026, direct and indirect exposure to U.S. Treasury bills amounted to approximately $141 billion. The majority of reserves are held in U.S. government-backed instruments and short-term liquidity facilities, supporting liquidity management across varying market conditions. This positions Tether as the 17th largest holder of U.S. Treasuries globally, underscoring its role as a major conduit for international dollar demand. The emphasis on short-dated sovereign exposure remains central to the Company’s reserve strategy.

Beyond Treasuries, reserves include a limited set of additional asset classes. Precious metal holdings, consisting entirely of physical gold, amounted to approximately $20 billion. Bitcoin holdings stood at approximately $7 billion. The diversification reflects a deliberate balance between liquidity, resilience, and exposure to macro assets that perform under stress conditions.

The Management of the Company asserts the following as of March 31, 2026:

  • The Company’s total assets amount to US$ 191,767,741,495
  • The Company’s total liabilities amount to US$183,535,531,717, of which US$183,438,487,810 relate to digital tokens issued
  • The Company’s assets exceed its liabilities by US$8,232,209,778

The Company’s proprietary investments, held through Tether Investments, are not included in the reserves backing the issued token. These investments are funded from the Company’s excess capital and profits and are fully segregated from USD₮ reserves. These investments do not impact the quality, liquidity, or transparency of the reserves backing the issued token. 

“Our responsibility is to make sure USD₮ works without compromise,” said Paolo Ardoino, CEO of Tether. “That means building a system that behaves the same way in any market condition, not just when things are stable. The focus is on keeping the structure simple, liquid, and resilient by design, so it does not depend on favorable environments or external support. People should not have to question whether the system works; it just has to work. As of April, USD₮ continues to trade at or near all-time highs in circulation, with an increase of more than 5 billion USD₮, reflecting sustained demand into the second quarter, reinforced also by the release of the Tether Wallet, The People’s Wallet, a self-custody application built for the hundreds of millions of people in the world that use USD₮ daily as their lifeline.”

This quarter demonstrates how Tether’s model performs under sustained scale and macroeconomic volatility, where profitability, liquidity, and overcollateralization operate together rather than as trade-offs. USD₮ is not just growing, it is functioning as core financial infrastructure across markets that increasingly operate outside traditional banking rails. The focus remains on preserving that structure as global demand for digital dollars continues to expand. The Company’s reserve buffer would rank as the third-largest stablecoin in circulation on a standalone basis. During the quarter, the audit process formally commenced, alongside continued development of the Tether Wallet ecosystem. 

For more information, please refer to the latest Financial Figures and Reserves Report here

latest news

Hadron by Tether Collaborates with RedStone to Expand Pricing, Settlement, and Liquidity Infrastructure for Tokenized Assets

5 November 2026 – Tether, the largest company in the digital asset industry, has collaborated with RedStone, the data infrastructure provider for on-chain finance, to expand the pricing, settlement, and liquidity rails available to assets tokenized through Hadron by Tether. The collaboration gives Hadron issuers access to RedStone’s price and NAV feeds, as well as […]

Learn more
Tether Gold Reserves Grow 59% Since Year-End as XAU₮ Backing Reaches Record US$ 3.44 Billion

4 November 2026 – Tether Gold (XAU₮), the world’s largest tokenized gold product by market capitalization, extended its momentum through the third quarter of 2026. Customer holdings have grown 73% since the start of the year, and the physical gold backing the token has reached a record US$3.44 billion, reflecting growing demand for direct, fully […]

Learn more
Tether Freezes Over $1.5 Billion From Binance Hack, Keeping Funds Out of North Korea’s Reach

Funds frozen within 30 minutes of the attack, which the FBI has attributed to North Korea, cutting off a key source of funding for its weapons programme 2 November 2026 – Tether, the largest company in the digital asset industry, froze more than $1.5 billion in USD₮ within 30 minutes of the 29 October Binance […]

Learn more
Read all news