Tether has launched its first-quarter (Q1) 2026 attestation report, audited by BDO, a “top-five” international unbiased accounting agency. The report highlights what the corporate describes as continued momentum for the stablecoin issuer, together with main monetary figures and particulars on its reserve positioning.
Inside Tether’s Reserves
Within the report, Tether mentioned it generated roughly $1.04 billion in web revenue. It additionally acknowledged that the dimensions of USDT in circulation remained broadly steady round present ranges. As of March 31 of this 12 months, the corporate reported complete token-related liabilities of roughly $183 billion.
A central a part of the attestation focuses on reserve administration. Tether mentioned its reserves are primarily positioned in short-duration, high-quality liquid devices.
Based on the report, as of March 31, direct and oblique publicity to US Treasury payments (T-Payments) totaled roughly $141 billion. Notably, Tether mentioned this construction makes it the seventeenth largest holder of US Treasuries globally.
The crypto large additionally supplied further data on reserve diversification past Treasuries payments. The corporate reported that valuable metallic holdings quantity to roughly $20 billion and consist solely of bodily gold.
It additional acknowledged that Bitcoin (BTC) holdings had been roughly $7 billion. Tether framed this combine as a stability between retaining reserves liquid and resilient, whereas nonetheless sustaining some publicity to macro belongings which will maintain up during times of market stress.
USDT At All-Time Excessive Circulation In April
Paolo Ardoino, Tether’s chief govt officer, commented on the corporate’s strategy within the report. “Our duty is to ensure USDT works with out compromise,” he mentioned. “Which means constructing a system that behaves the identical approach in any market situation, not simply when issues are steady.
The chief additionally added, “The main focus is on retaining the construction easy, liquid, and resilient by design, so it doesn’t rely on favorable environments or exterior help. Individuals mustn’t must query whether or not the system works; it simply has to work.”
Ardoino additionally pointed to latest developments in USDT circulation. He famous that as of April, the stablecoin continues to commerce at or close to all-time highs in circulation, with a rise of greater than 5 billion USDT.
He described this as reflecting sustained demand into the second quarter. The CEO added that this demand is strengthened by the discharge of the Tether Pockets, “The Individuals’s Pockets,” which is a self-custody software constructed for the tons of of thousands and thousands of people that use USDT each day as a lifeline.
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