Tether releases Q1 financial report: U.S. debt exposure is close to $120 billion, and quarterly profit exceeds $1 billion

Tether released its Q1 2025 audit report, with a total exposure to US Treasury bonds reaching nearly $120 billion as of March 31, 2025, hitting a historical high. Total assets exceeded $149.27 billion, with liabilities of $143.68 billion, resulting in excess reserves of $5.6 billion. USDT circulation grew by approximately $7 billion in the first quarter, with user wallets increasing by 46 million, a 13% growth. Additionally, Tether's traditional investment operating profit exceeded $1 billion in the first quarter, with stable US bond investments and gold returns offsetting cryptocurrency market volatility. Tether Investments also invested over $2 billion in areas such as renewable energy, AI, and data infrastructure (not included in USDT reserves).