Tether Q1 2026 attestation — $4.7B profit, treasury bill stack hits $115B

Tether posted $4.7B Q1 profit on a US Treasury bill stack that crossed $115B. The most profitable financial business in crypto.

Tether Q1 2026 attestation report posted $4.7B in net profit on a US Treasury bill holdings stack that crossed $115B. USDT supply held at $148B average for the quarter, the lowest churn-rate Tether has reported since 2022. The most profitable financial business in crypto, by a wide margin.

The structural read is that Tether is now systemically important to the US Treasury market. At $115B in T-bill holdings, Tether is on par with mid-tier sovereign holders by purchase rate. The political implications are still being worked out, but the regulatory pressure to onshore Tether to the US is rising in lockstep with the AUM.