Wu reports that Tether has released its Q1 2025 audit report. As of March 31, 2025, Tether's total exposure to U.S. Treasuries approached $120 billion, setting a new record. Meanwhile, total assets exceeded $149.27 billion, liabilities were $143.68 billion, and assets surpassed liabilities by $5.6 billion. The circulating supply of USDT increased by approximately $7 billion in the first quarter, with user wallets growing by 46 million, a 13% increase. Additionally, Tether's traditional investment operating profit exceeded $1 billion in Q1, with U.S. Treasury investments performing steadily and gold returns offsetting volatility in the crypto market. Tether Investments also invested over $2 billion in sectors such as renewable energy, AI, and data infrastructure (not including USDT reserves).

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