Tether Q1 Report: Holds nearly $120 billion in US Treasuries, confirms quarterly operating profit exceeds $1 billion

On May 1, Tether International today released its Q1 2025 report, which was completed by BDO, one of the world’s top five independent accounting firms. The report confirms the accuracy of Tether’s financial data and reserve report (FFRR) and provides a transparent breakdown of assets that support fiat-denominated stablecoins as of March 31, 2025. According to the report, Tether’s total exposure to U.S. Treasuries, including indirect positions in money market funds and reverse repo agreements, hit an all-time high of nearly $120 billion, a milestone that underscores both its conservative reserve management strategy and Tether’s important role as a hub for large-scale distribution of U.S. dollar liquidity. Tether’s traditional portfolio in Q1 achieved an operating profit of more than $1 billion, mainly due to the solid performance of US Treasury holdings, while gold investments almost completely offset the volatility of the crypto market. In addition, USDT in circulation increased by approximately $7 billion in the first quarter, and as of March 31, 2025, the company’s management confirmed the following key figures: • The issuer’s total assets amounted to at least $149,274,515,988 • The issuer’s total liabilities were $143,682,673,588, of which $143,678,070,758 were issued digital token liabilities • The issuer’s assets fully covered the consolidated liabilities • Through the Tether Investments pair Own investments in emerging sectors such as AI and energy are not included in the token reserves• About 46 million new USDT wallets were added in the quarter, an increase of 13% quarter-on-quarter