Tether Holdings reported a record quarterly profit of $5.6 billion on Friday, highlighting the scale of the company behind USDT, the world’s largest stablecoin. The update also showed reserves rising to $157 billion, a new high for the firm.

The results reinforce Tether’s dominant position in the stablecoin market, even as regulators continue to scrutinize the broader sector and some rivals face tighter oversight. Stablecoins are widely used in crypto trading and payments because they are designed to track the value of traditional currencies.

Tether did not change the central market narrative with the announcement: investors still view the company as one of the most influential players in digital assets. But the size of its reserves and profit will likely keep questions alive about transparency, oversight, and the role stablecoins may play in future financial systems.

The latest figures come at a time when crypto firms are under renewed pressure to prove they can meet regulatory standards while maintaining user trust. For Tether, the report signals both financial strength and the continuing scrutiny that comes with being at the center of the market.