Tether International, S.A. de C.V. (TI) has released its Q1 2025 attestation report, verified by BDO, a leading global accounting firm, confirming the accuracy of its financial and reserve disclosures as of March 31, 2025. The report highlights Tether’s record exposure to U.S. Treasuries, nearing $120 billion including indirect holdings via Money Market Funds and reverse repos, marking the highest level in the company’s history. This reflects Tether’s conservative reserve management and its expanding role in supplying dollar liquidity globally amid rising demand for high-quality dollar assets.
During the quarter, Tether generated over $1 billion in operating profit from traditional investments, primarily driven by strong performance in its U.S. Treasury portfolio. Gains from gold holdings helped offset crypto market volatility. The company’s excess reserves stood at $5.6 billion, underscoring robust liquidity and risk management capabilities.
The circulating supply of USD₮ increased by approximately $7 billion in Q1 2025, accompanied by a 46 million rise in user wallets-a 13% quarter-over-quarter growth-demonstrating heightened trust in Tether’s transparency, stability, and utility as the premier digital dollar representation. This growth reinforces USD₮’s position as a stable and efficient gateway to the global economy.
Beyond its reserves, Tether has allocated over $2 billion in long-term investments through Tether Investments, targeting emerging sectors such as renewable energy, artificial intelligence, peer-to-peer communications, and data infrastructure. These strategic investments are separate from the reserves backing USD₮ and reflect Tether’s commitment to fostering sustainable digital economies.
Q1 2025 also marked Tether’s first quarter operating under regulatory oversight in El Salvador, where it is licensed as a stablecoin issuer under the country’s Digital Assets framework. This regulatory milestone enhances Tether’s credibility and supports its compliant expansion in both established and emerging markets.
Additional financial highlights as of March 31, 2025, include:
Total assets of approximately $149.3 billion.
Total liabilities around $143.7 billion, nearly all related to digital tokens issued.
Assets exceeding consolidated liabilities, confirming financial solvency.
Proprietary investments in emerging technologies excluded from stablecoin reserves.
A 13% increase in new USD₮ wallets, totaling about 46 million new users in the quarter.
Paolo Ardoino, Tether’s CEO, emphasized the company’s leadership in stability and growth, stating that Q1 2025 results demonstrate Tether’s dedication to trust, transparency, and supporting the digital economy while reinforcing the U.S. dollar’s global role.
This report follows Tether’s continued accumulation of bitcoin reserves, with an additional 8,888 BTC purchased in Q1 2025, bringing total bitcoin holdings to approximately 92,646 BTC valued at about $7.8 billion. This aligns with Tether’s diversification strategy amid macroeconomic uncertainty.
Furthermore, Tether Gold (XAU₮), the company’s gold-backed stablecoin, saw growth driven by global economic uncertainty and geopolitical tensions, maintaining its status as the largest tokenized gold product by market cap. Each XAU₮ token is backed 1:1 by physical gold securely stored in Swiss vaults, with a market cap of $770 million as of late April 2025.
In summary, Tether’s Q1 2025 performance underscores its expanding financial strength, strategic asset management, and growing adoption worldwide, positioning it at the forefront of bridging traditional finance with digital currency innovation.
