Tether reported that USDT reached 570 million customers through the first quarter of 2026, in accordance with information included in its reserves report with a deadline 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 belongings and liabilities. The report is used as a reference to research the evolution of the system, though it’s primarily based on data offered by the corporate itself.
In line with the reportliabilities linked to USDT quantity to roughly $183 billionwhereas complete belongings attain about 191.7 billion, which leaves a surplus of reserves shut to eight.23 billion {dollars}.
Concerning the composition of the reserves, the publicity to US Treasury bonds is round $141 billion, which positions Tether among the many largest world 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 belongings.
Moreover, the corporate reported a web revenue of roughly $1.04 billion within the quarterregardless of an surroundings of excessive volatility within the monetary markets.
In parallel, information from DeFiLlama exhibits 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 sort within the ecosystem, in accordance with unbiased market information.
You will need to do not forget that USDT operates below a centralized mannequinwhich suggests that Tether maintains the technical capability to freeze or limit addresses in sure instances linked to regulatory compliance or authorized requests. This facet has been a supply of debate within the sector, particularly as a result 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 situations of the USA, given the burden of Treasury bonds inside its assist construction.
It’s price noting that the expansion of the person base happens in a context of better demand for digital {dollars} in markets equivalent to Latin America, for instance, the place belongings equivalent to USDT perform as a partial various to conventional banking programs, whereas discussions proceed on transparency, reserves and diploma of centralization of the mannequin.
