Tether reported that USDT reached 570 million customers throughout the first quarter of 2026, in line with information included in its reserves report with a closing date of March 31, in a context of elevated demand for digital {dollars} in rising economies.
The doc, ready by the BDO agency, consists of figures offered by the USDT issuing firm itself and particulars the composition of its property and liabilities. The report is used as a reference to investigate the evolution of the system, though it’s primarily based on info offered by the corporate itself.
In keeping with the reportliabilities linked to USDT quantity to roughly $183 billionwhereas complete property attain about 191.7 billion, which leaves a surplus of reserves shut to eight.23 billion {dollars}.
Relating to the composition of the reserves, the publicity to US Treasury bonds is round $141 billion, which positions Tether among the many largest international holders of US debt. The report additionally consists of round 20 billion in bodily gold and round 7 billion in bitcoin (BTC), inside a portfolio of extremely liquid property.
Moreover, the corporate reported a web revenue of roughly $1.04 billion within the quarterregardless of an atmosphere of excessive volatility within the monetary markets.
In parallel, information from DeFiLlama reveals that USDT at the moment maintains a capitalization near $190 billion and a dominance of 59.13% throughout the stablecoin market, along with concentrating a lot of the sector’s transaction quantity. These metrics place it as the principle asset of this kind within the ecosystem, in line with unbiased market information.
It is very important do not forget that USDT operates underneath a centralized mannequinwhich means that Tether maintains the technical capability to freeze or prohibit addresses in sure instances linked to regulatory compliance or authorized requests. This side has been a supply of debate within the sector, particularly on account of earlier episodes of funds being blocked, as reported by CriptoNoticias.
Added to that is the robust publicity of its reserves to US debtwhich introduces a direct dependence on the macroeconomic and monetary circumstances of the US, given the burden of Treasury bonds inside its help construction.
It’s value noting that the expansion of the consumer base happens in a context of better demand for digital {dollars} in markets comparable to Latin America, for instance, the place property comparable to USDT perform as a partial various to conventional banking techniques, whereas discussions proceed on transparency, reserves and diploma of centralization of the mannequin.
