The leading stablecoin issuer has published its attestation report for the first quarter of 2026, disclosing a net profit exceeding $1 billion. The company delivered this result despite volatile and unpredictable market conditions. This outcome highlights the growing role of stablecoins as a dollar-denominated infrastructure worldwide, especially in regions with limited access to U.S. banking services.
According to the issuer’s press release, the independent accounting firm BDO prepared the attestation, confirming the accuracy of the issuer’s financial statements and reserves report.
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In Q1 2026, the issuer reported a net profit of more than $1.04 billion and an excess reserve buffer that reached a record $8.23 billion. The reserve base is focused on short-duration, high-quality liquid instruments. As of March 31, the firm’s direct and indirect exposure to U.S. Treasury bills totaled $141 billion, making it one of the largest holders of U.S. Treasuries globally. Management states that short-dated sovereign instruments remain a central component of the reserve strategy.
Beyond Treasury bills, the reserves include precious metals and other macro assets, specifically $20 billion in physical gold and $7 billion in bitcoin. The stated objective is to preserve a balance among liquidity, resilience, and exposure to assets that can perform during stressed market conditions.
“Our responsibility is to make sure USD₮ works without compromise. That means building a system that behaves the same way in any market condition, not just when things are stable. The focus is on keeping the structure simple, liquid, and resilient by design, so it does not depend on favorable environments or external support,” said Paolo Ardoino, the company’s CEO.
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Overall, the issuer reported more than $191.7 billion in assets and $183.5 billion in liabilities as of March 31, 2026, leaving assets exceeding liabilities by roughly $8.2 billion.
Notably, the company’s proprietary investments are kept separate from the stablecoin reserves. These investments are fully segregated and funded from excess capital and profits, and the firm maintains that they do not affect the quality, liquidity, or transparency of the stablecoin’s reserves.
The stablecoin supply expanded significantly, increasing by $5 billion in the second quarter of the year. At the time of reporting, the stablecoin’s market capitalization remained above $189 billion.
“People should not have to question whether the system works; it just has to work,” Ardoino added.