Tether, the issuer of the world’s largest stablecoin USDT, published its attestation report for the first quarter of 2026, prepared by auditing firm BDO. The document confirms the accuracy of the company’s financial data as of March 31, 2026. Net profit for the quarter came in at approximately $1.04B despite significant volatility across global markets.
Reserves
Excess reserves rose to $8.23B, marking a historic high for the company. Total token-related liabilities stood at approximately $183B. Tether’s total assets reached $191.76B, while liabilities totaled $183.53B, including $183.43B tied to issued digital tokens.
These reserves are primarily backed by short-term, high-credit-quality instruments. As of March 31, Tether’s direct and indirect exposure to U.S. Treasury bills totaled approximately $141B. That figure places Tether 17th among the largest holders of U.S. government debt worldwide.
Other Assets
Beyond government securities, Tether’s reserves include $20B in physical gold and $7B in Bitcoin. The company’s own investments are not part of the reserve pool — they are funded through accumulated capital and profits and remain fully separate from USDT backing.
CEO Commentary
“Our responsibility is to ensure that USDT operates without compromise,” said CEO Paolo Ardoino.
According to Ardoino, the system must function consistently in all market conditions, not just during periods of stability.
He also said that as of April, USDT circulation had grown by more than $5B compared to the end of the quarter, reflecting steady demand at the start of Q2. Among the related developments was the launch of Tether Wallet, a self-custody app.
During the reporting period, the company also officially initiated a full audit.
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