Stablecoin giant Tether reported $1.04 billion in profit last quarter, according to a new report from Big Four accounting firm BDO.

Total assets of $191.77 billion against total liabilities of $183.54 billion, leaving an excess of $8.23 billion. That buffer grew from $6.34 billion, reported at the end of Q4 2026.

Cash, cash equivalents, and other short-term deposits made up the largest category at $141.22 billion, or roughly 73.6% of total assets. Within that bucket, U.S. Treasury bills accounted for $117.04 billion, overnight reverse repurchase agreements for $19.33 billion, and term reverse repos for $4.75 billion. Cash and bank deposits totaled $107 million.

The remaining reserves were spread across precious metals ($19.84 billion), secured loans ($15.83 billion), bitcoin ($6.62 billion), other investments ($4.84 billion), public equities ($3.41 billion), and a negligible corporate bond position ($3 million).

Tether valued its on-chain bitcoin holdings at a Bloomberg closing price of $68,193.95 per coin on 31 March. Its physical gold, held in LBMA-standard bars, was marked at $4,668.06 per ounce. The secured loans were described as over-collateralized and subject to margin call and liquidation mechanisms.

Tether is currently considering a major integration with two other firms: Jack Maller’s Bitcoin company XX!, and private bitcoin miner Elektron.