Q1/2025, Tether earned over 1 billion USD, largely thanks to interest from U.S. Treasury bonds. This profit is lower than the 6 billion USD from the previous quarter, when Tether benefited significantly from Bitcoin and gold.

Tether holds nearly 120 billion USD in U.S. Treasury bonds, the highest amount ever. This generates a surplus of 5.6 billion USD to back USDT.