Key Highlights

  • Tether earned $1.04 billion in net profit during Q1 2026, with its excess reserve buffer reaching a record $8.23 billion, up 47% from $5.6 billion a year earlier.

  • Total assets reached $191.7 billion against $183.5 billion in liabilities, with approximately $141 billion held in U.S. Treasuries forming the dominant component of reserve backing.

  • The attestation certified by BDO Italia also disclosed $20 billion in physical gold and $7 billion in Bitcoin held within Tether's reserve portfolio.

Tether published its Q1 2026 attestation on May 1, recording $1.04 billion in net profit for the quarter. According to the official release on Tether's website, the company's excess reserve buffer reached a record $8.23 billion, representing the gap between total assets of $191.7 billion and liabilities of $183.5 billion. That buffer has grown 47% from $5.6 billion a year earlier, extending a trend of widening the cushion above the minimum needed to maintain the USDT peg at $1.

The composition of reserves remains heavily concentrated in U.S. Treasuries, which account for approximately $141 billion of total assets. Beyond Treasuries, the portfolio includes $20 billion in physical gold and $7 billion in Bitcoin, a diversification strategy Tether has maintained since first disclosing its Bitcoin holdings. The Treasury-heavy structure makes Tether one of the largest non-government holders of U.S. government debt anywhere in the world.

The Q1 report was certified by BDO Italia as an attestation, not a full GAAP audit. An attestation confirms that reported figures match underlying records at a specific point in time but does not carry the same depth of verification as a comprehensive audit. Tether has not announced a timeline for transitioning to a full audit, a step that multiple regulators and institutional counterparties have continued to request publicly.

USDT's circulating supply reached a fresh record during Q1, driven by growing demand for dollar-denominated liquidity across centralized and decentralized markets. With stablecoin legislation advancing in the U.S. and the GENIUS Act signed into law in July 2025, Tether's quarterly disclosures are increasingly benchmarked against forthcoming U.S. regulatory standards for stablecoin issuers, making reserve transparency a more consequential competitive factor than at any prior point in the company's history.