Tether Reports $1.04B Q1 Profit, Starts Audit

Tether reported $1.04 billion in profit for the first quarter of 2026 amid broader crypto market volatility, the company announced Friday.

The world's top stablecoin issuer said its reserve buffer—the gap between stablecoins in circulation and reserves on hand—reached a record $8.23 billion. Of nearly $192 billion in reserve assets, Tether claims approximately $141 billion sits in U.S. Treasuries, positioning it as one of the largest holders of U.S. government debt globally. It also reported roughly $20 billion in physical gold and $7 billion in Bitcoin.

The Q1 figures were verified by an Italian service relying on company attestations, not a Big Four accounting firm. Tether tapped KPMG for its first-ever full audit in March, per a Financial Times report, with the process commencing during the quarter.

Profits roughly match last year's Q1 but trail 2024's record $4.52 billion, driven by Bitcoin and gold surges. Tether has made U.S. inroads via stablecoin legalization and a new regulation-tailored token, though two U.S. senators questioned Commerce Secretary Howard Lutnick's ties to the firm in a Thursday letter.