Tether says it generated roughly $1.04 billion in net profit in the first quarter of 2026, while the excess reserves backing USDT rose to $8.23 billion, according to the stablecoin issuer's latest quarterly attestation and the linked BDO assurance report.

What the attestation shows

BDO's report for March 31, 2026 lists $191.77 billion in total assets and $183.54 billion in total liabilities, including $183.44 billion tied to digital tokens issued. That leaves the company with the $8.23 billion reserve cushion Tether highlighted in its release.

The underlying asset mix is still dominated by government-linked liquidity. The BDO report itemizes about $117.0 billion in U.S. Treasury bills, alongside large reverse repo positions, while Tether said its direct and indirect Treasury exposure reached about $141 billion. The report also lists roughly $19.84 billion in precious metals and $6.62 billion in bitcoin.

Why it matters

This is not a full financial audit, but it is one of the clearest snapshots of Tether's balance sheet at a moment when stablecoins are becoming more important to cross-border payments and crypto market plumbing.

The main takeaway is straightforward: USDT circulation stayed near $183 billion through a volatile quarter, and Tether says it kept a larger buffer than before. For traders, protocols, and payment builders that rely on USDT liquidity, that reserve cushion matters more than marketing language around growth.