Tether Q1 Report: Holds Nearly $120 Billion in U.S. Treasury Bonds, Confirms Quarterly Operating Profit Exceeding $1 Billion

On May 1st, Tether International released its Q1 2025 Quarterly Report today. This report was completed by BDO, one of the world's top five global independent accounting firms. The report verifies the accuracy of Tether's financial data and Reserve Report (FFRR) and provides a transparent breakdown of the assets supporting the fiat-pegged stablecoins as of March 31, 2025. The report indicates that Tether's total exposure to U.S. treasuries (including indirect holdings through money market funds and reverse repurchase agreements) has reached a historical high of nearly $1.2 trillion. This not only validates its conservative reserve management strategy but also highlights Tether's crucial role as a hub for the large-scale distribution of USD liquidity. Tether's Q1 traditional investment portfolio achieved an operating profit of over $1 billion, mainly benefiting from the strong performance of its U.S. treasury holdings. Meanwhile, the gold investment almost completely offset the volatility impact of the crypto market. Additionally, the USDT circulation increased by approximately $7 billion in the first quarter. As of March 31, 2025, the management confirmed the following key data: - The issuer's total assets amount to at least $149,274,515,988. - The issuer's total liabilities are $143,682,673,588, of which $143,678,070,758 are liabilities from issued digital tokens. - The issuer's assets fully cover its combined liabilities. - Own investments in emerging areas such as AI, energy, etc., through Tether Investments are not included in the token reserve. - Approximately 46 million new USDT wallets were added this quarter, representing a 13% increase from the previous period.