Tether has released its first-quarter (Q1) 2026 attestation report, audited by BDO, a “top-five” global independent accounting firm. The report highlights what the company describes as continued momentum for the stablecoin issuer, including major financial figures and details on its reserve positioning.
Inside Tether’s Reserves
In the report, Tether said it generated approximately $1.04 billion in net profit. It also stated that the scale of USDT in circulation remained broadly stable around current levels. As of March 31 of this year, the company reported total token-related liabilities of roughly $183 billion.
A central part of the attestation focuses on reserve management. Tether said its reserves are primarily placed in short-duration, high-quality liquid instruments.
According to the report, as of March 31, direct and indirect exposure to US Treasury bills (T-Bills) totaled approximately $141 billion. Notably, Tether said this structure makes it the 17th largest holder of US Treasuries globally.
The crypto giant also provided additional information on reserve diversification beyond Treasuries bills. The company reported that precious metal holdings amount to approximately $20 billion and consist entirely of physical gold.
It further stated that Bitcoin (BTC) holdings were approximately $7 billion. Tether framed this mix as a balance between keeping reserves liquid and resilient, while still maintaining some exposure to macro assets that may hold up during periods of market stress.
USDT At All-Time High Circulation In April
Paolo Ardoino, Tether’s chief executive officer, commented on the company’s approach in the report. “Our responsibility is to make sure USDT works without compromise,” he said. “That means building a system that behaves the same way in any market condition, not just when things are stable.
The executive also added, “The focus is on keeping the structure simple, liquid, and resilient by design, so it does not depend on favorable environments or external support. People should not have to question whether the system works; it just has to work.”
Ardoino also pointed to recent developments in USDT circulation. He noted that as of April, the stablecoin continues to trade at or near all-time highs in circulation, with an increase of more than 5 billion USDT.
He described this as reflecting sustained demand into the second quarter. The CEO added that this demand is reinforced by the release of the Tether Wallet, “The People’s Wallet,” which is a self-custody application built for the hundreds of millions of people who use USDT daily as a lifeline.
Featured image created with OpenArt, chart from TradingView.com
