Tether Q1 Report: Record U.S. Treasury holdings nearing $120 billion, with quarterly profits of $1 billion

Tether's Q1 2025 financial report is impressive, with U.S. Treasury holdings nearing $120 billion and operational profits exceeding $1 billion, demonstrating strong financial strength. (Background: Understanding USDT0: Is Tether's cross-chain stablecoin reliable?) (Additional context: Tether's cross-chain stablecoin 'USDT0' launched on Optimism and Unichain; what is USDT0? What problems can it solve?) Leading stablecoin issuer Tether publicly released its Q1 2025 transparency report yesterday, completed by BDO, one of the top five independent accounting firms globally. Here are the key highlights. U.S. Treasury holdings nearing $120 billion First, the report highlights Tether's significant growth in U.S. Treasury holdings. As of the end of Q1 2025, the company's total exposure to U.S. Treasuries reached a historic high, close to $120 billion. This substantial figure includes indirect exposure to U.S. Treasuries through money market funds and reverse repurchase agreements. As of March 31, 2025, Tether's total assets amounted to at least $149,274,515,988, while total liabilities were $143,682,673,588, indicating that the company's current excess reserves stand at $5.6 billion. Q1 profits of over $1 billion, with $7.66 billion in Bitcoin holdings The report shows that Tether generated over $1 billion in operational profit this quarter, primarily due to its large and robust U.S. Treasury investment portfolio. It is worth mentioning that Tether's reserve assets also include approximately $6.6 billion in precious metals (mostly gold) and $7.66 billion in Bitcoin. Operational performance of USDT Regarding the operational performance of Tether's main stablecoin, USDT, it continued to maintain a stable growth trend in Q1 2025, with a circulating supply increase of about $7 billion. Meanwhile, the number of user wallets utilizing USDT increased by 46 million, achieving a quarterly growth rate of 13%. As of the end of Q1, the estimated global number of USDT wallets has reached approximately 415 million, indicating that the stablecoin has been widely accepted as a stable, efficient, and easily accessible channel into the global digital economy. Strategic investments and future outlook Tether's ambitions extend beyond just stablecoin issuance. Through its independent investment arm Tether Investments, the company is actively engaged in diversified strategic investments. To date, Tether has allocated over $2 billion into long-term projects in forward-looking industries such as renewable energy, artificial intelligence (AI), peer-to-peer (P2P) communications, and data infrastructure. These investments are managed separately from the reserves backing USD₮ and do not belong to the reserve assets that maintain the stablecoin's value. This demonstrates Tether's vision to expand its business scope and play a more active role in global technological development and infrastructure construction. Further reading: A new crypto giant is born! Tether, SoftBank, and Bitfinex jointly established '21 Capital' with an investment of $3 billion: all in on Bitcoin, replicating MicroStrategy's success. Related reports Tether issues 'new stablecoin': What is the difference between USDT0 and USDT? One-click conversion of BTC, DOGE... to ERC-20 tokens, Flare launches FAssets and announces a $400,000 airdrop testing reward. Flare milestone moment! First decentralized KYC identity for Chinese visitors to Hong Kong. "Tether Q1 Report: Record U.S. Treasury holdings nearing $120 billion, with quarterly profits of $1 billion" was first published in BlockTempo (the most influential blockchain news media).