
Key Takeaways
- Tether increased its U.S. Treasury holdings to $120 billion in Q1 2025.
- Quarterly profits fell to $1 billion, down from $4.52 billion a year earlier.
- USDT supply expanded by $7 billion, with wallet growth of 46 million users.
Tether added over $3 billion to its U.S. Treasury exposure in the first quarter of 2025, even as its quarterly profits fell sharply year-over-year, according to its latest attestation report.
Asset holdings overview
By March 31, Tether held approximately $120 billion in a combination of Treasury bills, reverse repurchase agreements, and money market funds — up from $116.7 billion at the end of 2024.
Its direct Treasury bill holdings stood at $98.5 billion, with an additional $15.1 billion in reverse repos and $6.3 billion in money market funds.
Asset backing & stability
The company now backs 81.5% of its $149.3 billion in total assets with cash, cash equivalents, and short-term deposits, the majority of which are U.S. government debt.
CEO’s statement on leadership
Tether’s continued leadership in stability, strength, and vision was emphasized by CEO Paolo Ardoino.
He noted:
We remain focused on delivering trust, transparency, and value to hundreds of millions of users.
Financial performance
Tether posted $1 billion in Q1 operating profit, down from $4.52 billion in the same quarter last year.
The decline was tied to stable Treasury yields and a drop in Bitcoin’s price from $93,812 to $82,704.
Tether’s gold holdings rose to $6.7 billion, offsetting some crypto-related losses.
Assets & liabilities
Total assets were $149.3 billion, with $143.7 billion in liabilities, leaving $5.6 billion in excess reserves — down from $7.1 billion last quarter, in part due to a $2.3 billion dividend payout.
USDT supply growth
USDT supply rose by $7 billion in Q1, with 46 million more wallets holding the stablecoin, a 13% quarterly jump.