Tether International S.A. de C.V. (TI) has published its Q1 2025 attestation report, independently completed by BDO, a top-five global accounting firm.
The report confirms the accuracy of Tether’s Financials Figures and Reserves Report (FFRR), providing a detailed and transparent view of the assets backing its fiat-denominated stablecoins as of March 31, 2025.
Despite a turbulent market environment, Tether delivered record-breaking results that reinforce the company’s financial strength and strategic relevance in the global economy. The company’s exposure to U.S. Treasuries – encompassing both direct holdings and indirect exposures through money market funds and reverse repo agreements – has approached an all-time high of $120 billion. This milestone reflects Tether’s commitment to conservative reserve management and underscores its growing role in global dollar liquidity distribution.
[TECH] STABLECOINS | ‘We Have 400 Million Users in Emerging Markets – We’re Basically Pushing Dollar Hegemony, Selling U.S Debt Outside the U.S,’ Says Tether CEO: Tether is currently the 17th largest.. https://t.co/B9NgyF7CeK via @BitcoinKE
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During the first quarter (Q1 2025), Tether generated over $1 billion in operating profits from traditional investments, primarily driven by strong performance in its U.S. Treasury portfolio. Additionally, fluctuations in crypto markets were largely offset by gains in its gold holdings. With excess reserves totaling $5.6 billion, Tether continues to demonstrate solid liquidity and robust risk management.
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The main contributing entities are those in charge of issuing Stablecoins and managing the respective reserves where approximately $1 billion of this profit stemmed from net operating profits, primarily… pic.twitter.com/6v7KpcbfCO
— BitKE (@BitcoinKE) May 3, 2024
USD₮ saw a $7 billion increase in circulating supply during Q1 2025, along with the addition of approximately 46 million user wallets – a 13% quarter-over-quarter rise. This growth highlights increasing global trust in USD₮ as a transparent, resilient, and efficient digital representation of the U.S. dollar.
Beyond reserve backing, Tether continues to make strategic long-term investments through its Tether Investments division. To date, over $2 billion has been allocated to forward-looking sectors such as renewable energy, artificial intelligence, peer-to-peer communication, and data infrastructure. These investments are not included in the reserves supporting USD₮ but reflect the company’s broader vision for a sustainable digital economy.
The first quarter of 2025 also marked Tether’s debut under regulatory oversight in El Salvador, where it is now licensed as a stablecoin issuer under the country’s comprehensive Digital Assets framework. This regulatory alignment enhances Tether’s credibility and underscores its commitment to compliance and transparency in both mature and emerging markets.
As of March 31, 2025, Tether reports the following:
Total assets: $149,274,515,988
Total liabilities: $143,682,673,588
Of which $143,678,070,758 are related to issued digital tokens
Assets exceed consolidated liabilities
Proprietary investments in sectors such as AI, energy, and communications are excluded from USD₮ reserve backing
Estimated 46 million new USD₮ wallets created in Q1 2025, reflecting 13% growth from the previous quarter
Paolo Ardoino, CEO of Tether, stated:
“Q1 2025 showcases Tether’s continued leadership in stability, strength, and vision. With record U.S. Treasury exposure, growing reserves, strong profits, and 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.”
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