Stablecoin Wins Big Profit While Audits Get Underway

Tether, the biggest issuer of stablecoins, earned a profit of about $1. 04 billion in the first quarter of 2026, even though crypto prices were shaky. The company says it now has a reserve cushion of $8. 23 billion, the highest it has ever reported. It claims to hold roughly $141 billion in U. S. Treasury bonds, a claim that is still pending full audit confirmation. The firm has not yet completed an official audit by one of the Big Four accounting firms. Instead, it relied on a third‑party service that uses company statements for verification. In March, Tether announced it would engage KPMG for its first complete audit as it looks to expand in the United States.During this quarter, Tether also disclosed that its total reserve assets amount to about $192 billion. Besides Treasuries, it lists around $20 billion in physical gold and about $7 billion in Bitcoin. These figures suggest it is one of the largest holders of U. S. government debt worldwide. Last year’s profit was similar, but it is far below the $4. 52 billion Tether made in 2024, when Bitcoin and gold prices were high. The crypto market has been volatile lately, yet Tether has made progress in the U. S. , where stablecoin issuance is now legal. The company also introduced a new token that complies with U. S. regulations.