Tether reported more than $1 billion in profit for the first quarter of 2026, against a backdrop of broader crypto market volatility, the company announced Friday.

The world’s top stablecoin issuer said net profit reached approximately $1.04 billion for the quarter. The company also reported that its buffer between the total value of its stablecoins in circulation, and the amount of reserves it has on hand to back those assets, has grown to an all-time high of $8.23 billion.

Tether’s Q1 figures were not verified by a Big Four accounting firm, but instead by an Italian service that relies on company attestations. In March, Tether tapped KPMG for its first-ever full audit, per a Financial Times report, which comes as…