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Tether reported $1.04 billion in net profit for the first quarter of 2026, according to a May 1 attestation prepared by accounting firm BDO. The report also showed a record reserve buffer of $8.23 billion.
Good to Know
Tether makes most of its money from reserves backing USDT, the dollar-pegged stablecoin used across crypto markets. Those reserves are held largely in US Treasury bills, which are short-term debt issued by the US government.
The latest attestation showed $141 billion in US Treasuries. With Treasury bill rates above 4%, that position can produce about $4 billion in yearly interest income. That interest helped drive the $1.04 billion Q1 profit figure.
The reserve buffer also grew. Tether said excess reserves reached $8.23 billion, giving USDT extra backing beyond issued tokens. For stablecoin users, that buffer is one of the key numbers to watch because it shows how much room Tether has above basic reserve coverage.
CEO Paolo Ardoino framed the update around reliability. He said: “Our responsibility is to make sure USDT works without compromise. That means building a system that behaves the same way in any market condition, not just when things are stable.”
The May 1 BDO attestation was also described as the most detailed financial disclosure from Tether so far. The added detail comes as stablecoins keep drawing attention from regulators, crypto traders and traditional finance firms.