The top stablecoin issuer’s balance sheet remains heavily concentrated in US Treasuries as stablecoin adoption expands across emerging markets.
Stablecoin issuer Tether (USDT) reported $1.04 billion in net profit for the first quarter of 2026, as its excess reserves rose to a record $8.23 billion, according to its latest attestation on Friday.
The company said its reserves remain heavily concentrated in US Treasuries, with around $141 billion in direct and indirect exposure, while total assets of about $191.8 billion exceeded liabilities of approximately $183.5 billion as of March 31.
Tether said this level of exposure makes it the 17th largest holder of US Treasuries globally. Beyond Treasuries, reserves included about $20 billion in physical gold and $7 billion in Bitcoin (BTC).
