Tether International reported a net profit of over $1.04 billion in the first quarter of 2026, according to its latest attestation prepared by BDO. The stablecoin issuer's total assets reached $191.8 billion, backed by $183 billion in USDT liabilities. The report highlights Tether’s continued reliance on U.S. Treasuries, which now account for approximately $141 billion in direct and indirect exposure. This positions the company as the 17th largest holder of U.S. government debt globally.
The company’s reserve composition has become increasingly diversified. Alongside its massive Treasury holdings, Tether holds around $20 billion in gold and $7 billion in bitcoin. Gold reserves have grown from over $17 billion earlier in the year, reflecting a strategic expansion into non-dollar assets. The attestation also confirms that Tether’s excess reserve buffer reached a record $8.23 billion, reinforcing the stability and liquidity of USDT.
Tether’s profitability remains heavily tied to interest income from short-duration U.S. government securities. With a reserve base nearing $192 billion, elevated interest rates have enabled the company to generate substantial earnings, building on the more than $10 billion in profit reported in 2025.
The Q1 2026 update comes amid intensifying scrutiny of stablecoins across global markets. Tether has previously stated that it is pursuing its first full audit by a Big Four accounting firm, aiming to address long-standing transparency concerns as its balance sheet continues to expand.
