Tether Q1 report: holding nearly $120 billion in U.S. debt, confirming quarterly operating profit of more than $1 billion

Tether International today released its Quarter 1 report for 2025, produced by BDO, one of the world's top five independent accounting firms. The report confirms the accuracy of Tether's Financial Data and Reserves Report (FFRR) and provides a transparent breakdown of assets backing fiat-denominated stablecoins as of March 31, 2025.
According to the report, Tether's total exposure to U.S. Treasury bonds (including money market funds and indirect positions in reverse repurchase agreements) reached a record high of nearly $120 billion, a milestone that confirms both its conservative reserve management strategy and underscores Tether's important role as a large-scale distribution hub for U.S. dollar liquidity.
The Tether Q1 traditional portfolio achieved operating profit of more than $1 billion, mainly due to the solid performance of US Treasury holdings, while gold investments almost completely offset the volatility of the crypto market. In addition, USDT liquidity increased by about $7 billion in the first quarter, and as of March 31, 2025, the company's management confirmed the following key data:
The total assets of the issuer are at least $149,274,515,988
The total debt of the issuer is $143,682,673,588, of which $143,678,070,758 is the debt of issued digital tokens
The issuer's assets fully cover the consolidated liabilities
• Own investments in emerging fields such as AI and energy through Tether Investments are not included in the token reserve
• About 46 million new USDT wallets were added in the quarter, an increase of 13% from the previous quarter.