Tether reported a Q1 profit of $1.04 billion and its asset reserves reached a record high of $8.232 billion.

According to Mars Finance, Tether, the issuer of USDT, released its Q1 2025 report. Despite high volatility in global markets, Tether achieved strong profitability, with net profit of approximately $1.04 billion as of March 31, 2026. Total assets were approximately $191.768 billion, and total liabilities were approximately $183.536 billion, of which approximately $183.438 billion were liabilities related to digital token issuance. Tether's asset reserves reached a record high of $8.232 billion, a significant increase from the previous period. The overall circulating supply of USDT remained stable at a large level, approximately $183 billion. Tether's asset reserves are mainly composed of highly liquid, high-quality assets, primarily including: approximately $141 billion in US Treasury bonds (direct and indirect holdings), remaining the core holding and making Tether the 17th largest holder of US Treasury bonds globally; approximately $20 billion in physical gold; and approximately $7 billion in Bitcoin, with continued BTC accumulation in Q1.