Stablecoin issuer Tether reports a net profit of $1.04 billion for Q1 2026 and a record reserve buffer of $8.23 billion, claiming to hold approximately $192 billion in total reserves including $141 billion in U.S. Treasuries. The El Salvador-based company has tapped KPMG for its first-ever full audit, which began in March 2026, though its Q1 figures were verified only through an Italian attestation service. Tether is seeking to expand in the United States following formal legalization of stablecoin issuance and has launched a token compliant with new U.S. regulations. Two U.S. senators have questioned Commerce Secretary Howard Lutnick about his ties to Tether, raising potential conflict-of-interest concerns as the company pursues its American expansion.
Tether's Q1 2026 Financial Performance and Reserve Holdings
- ▪Tether reported holding roughly $20 billion in physical gold
- ▪Tether reported holding about $7 billion in Bitcoin
- ▪Tether claims to hold approximately $141 billion in U.S. Treasuries
- ▪Tether reported net profit of approximately $1.04 billion for the first quarter of 2026
- ▪Tether claims to hold approximately $192 billion in total reserve assets
- ▪Tether's reserve buffer between total stablecoins in circulation and reserves on hand grew to $8.23 billion in Q1 2026
- ▪Tether reported a record profit of $4.52 billion in 2024
First-Ever Audit and Transparency Measures
- ▪Tether tapped KPMG for its first-ever full audit in March 2026
- ▪Tether's reserve asset figures have not yet been fully audited as of the Q1 2026 report
- ▪Tether's Q1 2026 figures were verified by an Italian service that relies on company attestations, not a Big Four accounting firm
- ▪Tether's KPMG audit commenced during the first fiscal quarter of 2026
Perspective of Cryptocurrency industry observers and critics
- ▪Tether's reserve asset holdings totaling approximately $192 billion have not undergone full independent audit as of Q1 2026
- ▪Tether's Q1 2026 reserve figures were verified by an Italian attestation service rather than a Big Four accounting firm
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