Tether reported that the number of USDT users reached 570 million in the first quarter of 2026, according to data included in its reserve report due March 31, on the back of growing demand for digital dollars in emerging countries.
This document, prepared by the BDO company, contains figures provided by the USDT issuer itself and details the composition of its assets and liabilities. This report is based on information provided by the companies themselves, but is used as a reference to analyze the evolution of the system.
According to the reportthe debt associated with USDT amounts to approximately $183 billiontotal assets amounted to approximately 191.7 billion, with a surplus of nearly $8.23 billion.
In terms of reserve composition, exposure to U.S. Treasury securities is approximately $141 billion. This positions Tether as one of the world’s largest holders of U.S. Treasuries. The report also includes approximately 20 billion physical gold and approximately 7 billion Bitcoin (BTC) within its portfolio of highly liquid assets.
Additionally, the company reported: Net income for the quarter was approximately $1.04 billion.Despite the volatile environment in financial markets.
At the same time, USDT currently maintains a capitalization of nearly $190 billion and 59.13% control within the stablecoin market, in addition to concentrating the majority of the sector’s trading volume, according to DeFiLlama data. According to independent market data, these indicators position it as the leading asset of this type in the ecosystem.
important to remember USDT operates under a centralized modelThis means that Tether maintains the technical ability to freeze or restrict addresses in certain cases related to regulatory compliance or legal requests. This aspect has been a source of debate in the field, especially due to past episodes where funds were blocked, as reported by CriptoNoticias.
In addition to this, Reserves are highly exposed to U.S. debtThis introduces a direct dependence on the macroeconomic and financial conditions of the US, given the weight of the national debt in the US support structure.
It is noteworthy that the growth in the user base is occurring in the context of increasing demand for digital dollars in markets such as Latin America, with assets such as USDT serving as a partial replacement for traditional banking systems, while debate continues over the model’s transparency, reserves and degree of centralization.
(Tag translation) Bitcoin (BTC)
