Tether, the issuer of USDT, reported a net profit of approximately $10.4 billion for Q1 2025, despite global market volatility. As of March 31, 2026, Tether's total assets reached $191.768 billion, with liabilities at $183.536 billion, including $183.438 billion related to digital token issuance. The company's asset reserves grew to a record $82.32 billion. Tether's reserves are primarily composed of highly liquid assets, with U.S. Treasuries totaling approximately $141 billion, making Tether the 17th largest holder of these securities globally. Additionally, Tether holds $20 billion in physical gold and $7 billion in Bitcoin, with continued accumulation of BTC during the first quarter. The circulating supply of USDT remained stable at around $183 billion.