Tether's $1B Q1 bonanza đź’°

Amid the crypto slump, the stablecoin giant is coining it, reporting over a billion dollars in profit over the first quarter of 2026.

Author

Stephen Graves
May 01, 2026

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đź“ť What you need to know

The crypto market may be tacking sideways, but USDT issuer Tether had a bumper Q1, turning over a billion dollars in profit. That’s roughly on par with this time last year, but remains well below its record Q1 2024 profit of $4.52 billion.

The company also reported that its buffer between the total value of its stablecoins in circulation, and the reserves backing them, has grown to an all-time high of $8.23 billion. While that figure hasn’t been verified by a Big Four accounting firm, Tether has tapped KPMG for its first-ever full audit, which it says kicked off during Q1 2026.

Less welcome for the stablecoin issuer was a letter from Democratic Senators Elizabeth Warren and Ron Wyden, which sought to quiz the firm on reports of a loan it made to a trust benefitting Commerce Secretary Howard Lutnick’s children—just a day after Lutnick sold his stake in Cantor Fitzgerald to those same children.

Tether Reports Billion-Dollar Q1 Profit Amid Crypto Slump—And Says Audit Has Begun

Stablecoin giant Tether says it holds over $141 billion in U.S. Treasuries, a figure that has never been verified by a full audit.

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