Tether booked $1.04 billion in profit for the first quarter of 2026. Its excess reserves climbed to a record $8.23 billion. The firm stuck with U.S. Treasuries as the main reserve asset while adding gold and Bitcoin.
Shifting Reserve Mix
Tether's move away from Treasuries-only reserves is real. Gold and Bitcoin now play a role. The company didn't specify how much of each it holds. But the expansion happened in Q1. It marks a clear pivot for the stablecoin issuer.
Profit Source Clear
That $1.04 billion came from interest on reserve assets. U.S. Treasuries drove most of the gains. Yields remained strong this quarter. Tether didn't break down contributions from new holdings. Gold earns no yield. Bitcoin's role is unclear.
Record Buffer Stakes
Excess reserves at $8.23 billion cover more than USDT's circulation. It's the biggest buffer in Tether's history. This gives users extra security against market shocks. The firm built up this war chest steadily since late 2025.
The report offered no reason for adding Bitcoin. It also didn't say how far Tether will go with crypto reserves. The company's next results drop in August.
