Tether Reports Billion-Dollar Q1 Profit Amid Crypto Slump—And Says Audit Has Begun

2 weeks ago 11

In brief

Tether reported $1.04 cardinal successful Q1 2026 profit.
The USDT issuer said it has besides grown its reserve buffer to a grounds $8.23 billion.
The institution claims it holds $141 cardinal successful U.S. Treasuries, though these figures person not yet been afloat audited.

Tether reported much than $1 cardinal successful nett for the archetypal 4th of 2026, against a backdrop of broader crypto marketplace volatility, the institution announced Friday.

The world’s apical stablecoin issuer said nett net reached astir $1.04 cardinal for the quarter. The institution besides reported that its buffer betwixt the full worth of its stablecoins successful circulation, and the magnitude of reserves it has connected manus to backmost those assets, has grown to an all-time precocious of $8.23 billion.

Tether’s Q1 figures were not verified by a Big Four accounting firm, but alternatively by an Italian work that relies connected institution attestations. In March, Tether tapped KPMG for its first-ever afloat audit, per a Financial Times report, which comes arsenic the El Salvador-based issuer seeks to broaden its footprint successful the United States.

The institution said Friday that the audit commenced during 2026’s archetypal fiscal quarter.

Of the astir $192 cardinal successful reserve assets Tether says it holds, the immense majority—approximately $141 billion—claim to beryllium held successful U.S. Treasuries. The institution said Friday this positions it arsenic 1 of the largest holders of U.S. authorities indebtedness globally.

Beyond Treasuries, the steadfast reported holding astir $20 cardinal successful carnal golden and astir $7 cardinal successful Bitcoin.

Tether’s Q1 2026 profits astir lucifer last year’s, but airy successful examination to 2024, erstwhile the institution reported a grounds nett of $4.52 billion, acknowledgment mostly to a surge successful the terms of Bitcoin and gold.

While the crypto marketplace has seen important volatility successful the past respective months, the past twelvemonth has besides seen large inroads for Tether successful the United States, wherever the institution has enjoyed the ceremonial legalization of stablecoin issuance and launched a token tailored to caller U.S. regulations.

But that prominence has besides travel with further scrutiny. On Thursday, 2 U.S. senators sent a missive to U.S. Commerce Secretary Howard Lutnick, questioning the Trump medication authoritative astir his intimate ties to the offshore stablecoin giant.