Overview
- Tether, which published a BDO‑attested Q1 report Friday, reported $1.04 billion in profit with total assets near $191.8 billion and about $183 billion in token liabilities.
- Reserves are anchored in roughly $141 billion of short‑dated U.S. Treasuries, placing Tether among the world’s largest holders of U.S. government debt, with about $20 billion in physical gold and $7 billion in bitcoin rounding out the mix.
- USDT supply increased by more than 5 billion tokens into April, and the company linked part of the demand to Tether Wallet, a self‑custody app that lets people hold and move their stablecoins without a bank.
- Tether says a full audit engagement with KPMG began in March 2026 after years of using attestations, which check balances at a point in time rather than testing controls and records across a full period.
- Analysts highlight Treasury income as the main earnings engine given bill yields above 4%, and U.S. rules taking effect by January 18, 2027 are expected to raise the bar for verified reserves, which could shape how institutions and payment firms work with stablecoins.