Tether published its Q1 2025 attestation completed by the independent accounting firm BDO. The report confirmed the accuracy of the USDT issuer’s Financials Figures and Reserves Report (FFRR) and offered a transparent breakdown of the assets backing Fiat Denominated stablecoins as of March 31, 2025.
Tether’s Q1 2025 attestation report confirmed the company’s financial strength and growing global relevance as the stablecoin issuer reached an all-time high of total exposure in U.S. Treasuries approaching $120B, and reported over $1B in operating profit from traditional investments during the quarter. Excess reserves at $5.6B demonstrated the company’s strong risk management and liquidity position.
The report revealed that the circulating supply of USD₮ also grew by approximately $7B in Q1, with a 46M increase in user wallets, which clearly indicated rising trust in Tether’s transparency, resilience, and utility. The company stood at the intersection of traditional finance and digital utility, supporting the global relevance of the U.S. dollar in a rapidly changing economy.
Tether’s U.S. Treasury exposure surges to approach a record $120B
Tether just released the attestation for Q1 2025, the first quarter under the regulatory supervision in El Salvador.
Highlights as of 31st March 2025:
* 143.6B total issued USDt.
* 149.3B total assets/reserves.
* 5.6B excess reserves, on top of the 100% reserves in liquid assets… https://t.co/Dqay27kus7 pic.twitter.com/RiOVi31qxs
— Paolo Ardoino 🤖 (@paoloardoino) May 1, 2025
Tether published its Q1 2025 attestation, showing that as of March 31, 2025, its total exposure to U.S. Treasuries reached a record high of nearly $120 billion. Additionally, its total assets exceeded $149.27 billion, with liabilities at $143.68 billion, of which $143.67 billion was related to digital tokens issued, resulting in assets surpassing liabilities and excess reserves of $5.6 billion.
Paolo Ardoino, the CEO of Tether, said Q1 2025 showcased his company’s continued leadership in stability, strength, and vision. He also stressed that the stablecoin issuer had record U.S. Treasury exposure, growing reserves, strong profits, and there was increased adoption of USD₮ worldwide.
“We remain focused on delivering trust, transparency, and value to hundreds of millions of users. Our mission is clear: to responsibly and compliantly power the digital economy and strengthen the role of the U.S. dollar on the global stage.”
–Paolo Ardoino, Tether CEO
As per the BDO, the valuation of Tether’s assets was based on normal trading conditions and did not reflect unexpected and extraordinary market conditions or the case of key custodians or counterparties experiencing substantial illiquidity, which may result in delayed realizable values. No provision for expected credit losses was identified by management at the reporting date.
Tether acquires 70% of Adecoagro to expand into sustainable infrastructure
On April 30th, Tether announced the successful acquisition of a 70% controlling stake in Adecoagro, representing a major step in the company’s broader strategy to expand beyond digital finance and into real-world infrastructure–including energy, agriculture, data, and communications.
According to the USDT issuer, its engagement with Adecoagro began in September 2024 with a $100 million investment for a 9.8% stake, signaling its intent to support and scale sustainable real-world asset (RWA) production. The acquisition was part of Tether’s growing focus on leveraging its capital and technological expertise to invest in businesses that supported economic freedom and long-term resilience in emerging markets.
Ardoino said the acquisition of Adecoagro reflected his company’s commitment to advancing sustainable, real-world infrastructure in regions where investment was historically limited. Mariano Bosch, the Co-Founder and CEO of Adecoagro, also added that Tether’s investment marked a turning point for his company.
The newly appointed Chairman of the Board, Juan Sartori, believes that the partnership also brought a new era of opportunity for Adecoagro. He added that his company looked forward to scaling its impact in sustainable agriculture and energy, reinforcing capital discipline, and unlocking long-term value across South America. Sartori also emphasized that Adecoagro’s acquisition followed a series of initiatives by Tether to broaden its reach and reassert its role, with prior initiatives in bitcoin mining, AI infrastructure, and peer-to-peer communications.
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