Tether posts $1.04B Q1 profit, $8.23B reserve buffer

Tether reported $1.04 billion in net profit for the first quarter of 2026 and raised its reserve buffer to $8.23 billion, according to a quarterly attestation from accounting firm BDO.

BDO’s attestation shows USD₮ liabilities were near $183 billion at March 31 while assets totaled $191.77 billion, leaving a reported surplus of about $8.23 billion.

Direct and indirect exposure to short-duration U.S. Treasury bills totaled roughly $141 billion at quarter end. Tether reported that level places the company as the 17th-largest holder of U.S. government debt globally. The Treasury holdings consist mainly of short-term government paper.

Tether attributed first-quarter profitability largely to returns on its Treasury holdings. With short-term Treasury yields above 4% during the quarter, the $141 billion exposure generated interest income that contributed to the $1.04 billion net profit and to growth in the reserve buffer.

The attestation lists about $20 billion in physical gold and roughly $7 billion in Bitcoin, together accounting for about 14% of Tether’s reserves. The company described the metals and crypto as hedges against macroeconomic stress and noted that daily trading could move the reported surplus.

USD₮ tokens in circulation tracked near $183 billion through the quarter. Tether reported issuance increased by more than 5 billion units into early Q2 and noted the launch of its Tether Wallet self-custody product during the period.

BDO’s work is presented as an attestation rather than a full audit. Tether wrote that a long-pending full audit has “formally commenced” during the quarter, the first time the company placed that step inside an attestation report. The full audited report has not yet been completed or published.

Until the audit concludes, the $8.23 billion figure should be treated as attested rather than audited. The attestation provides a snapshot of asset composition, profit and token supply while the standalone audit continues.