Tether, the leading stablecoin issuer, published its Q1 2026 attestation report on May 3, revealing a net profit of over $1.04 billion. The report, prepared by independent accounting firm BDO, confirms the accuracy of Tether's financial figures and reserves. Despite volatile market conditions, the company's excess reserve buffer reached a record $8.23 billion, while its direct and indirect exposure to U.S. Treasury bills hit $141 billion, making Tether the 17th-largest holder of U.S. Treasuries globally.
In a parallel development, Tether announced it purchased over 6 tons of gold during the first quarter, boosting its total bullion reserves to approximately 132 tons valued at over $11 billion. CEO Paolo Ardoino described gold as a 'timeless store of value' providing a buffer against geopolitical risks. This diversification strategy moves USDT beyond exclusive reliance on U.S. Treasuries, positioning it as a multi-asset backed stablecoin.
As of March 31, 2026, Tether held over $191.7 billion in assets and $183.5 billion in liabilities, with assets exceeding liabilities by more than $8.2 billion. Notably, proprietary investments are fully segregated from USDT reserves and funded from excess capital. USDT's market cap grew by $5 billion in Q2, hovering above $189 billion. Tether's reserves also include $20 billion in physical gold and $7 billion in bitcoin, maintaining a balance between liquidity and resilience.
Ardoino emphasized that 'people should not have to question whether the system works; it just has to work,' underscoring Tether's commitment to structural stability. The gold accumulation aligns with a broader trend among digital asset issuers to adopt neutral hard assets resistant to inflationary and geopolitical pressures, transforming stablecoins into sophisticated financial instruments.
