Tether Publishes Reserve Attestation for Q1 2026

Digital asset issuer Tether earned $1.04B in net profit during the first quarter of 2026 as per its latest attestation report, certified by BDO Italia.

What's the Scoop?

• Key Figures: Tether generated $1.04B in net income in Q1 2026, but saw outstanding liabilities (primarily its USDT stablecoin) decline by 1.6% from $186.5B to $183.5 quarter-over-quarter. Still, shareholder equity (the residual between Tether's reported assets and liabilities) increased by nearly 30% from $6.3B to $8.2B QoQ, allowing the firm to purport that excess reserves have increased to a new all-time high.
• Reserve Breakdown: Compared to Q4 2025, cash and cash equivalents declined by 4% in Q1 2026, from $147.2B to $141.2B, outpacing the drop in Tether's outstanding liabilities. Conversely, Tether's "other investments" recorded largest percentage increase, surging 75% QoQ to $4.8B. The firm also disclosed $3.4B in public equity holdings for Q1 2026, a newly created reserve category that was previously lumped in with “other investments.” Inclusive of public equity holdings, the value of Tether's "other investments" nearly tripled in the first quarter of 2026.
• Limited Scope: In March, Tether declared that it had, "entered a formal engagement with a Big Four accounting firm to complete its first full independent financial statement audit." Attestations (like today's Q1 report) pale to the rigor of a comprehensive audit performed a Certified Public Accountant firm in accordance with GAAP standards, and it remains unclear when such an audit will be published by Tether.