Stablecoin leader Tether publicly released its first-quarter 2025 transparency report, completed by BDO, one of the top five independent accounting firms worldwide. Here are the key highlights.
US Treasury Holdings Approaching $120 Billion Mark
First, the report highlights Tether's significant growth in US Treasury holdings. By the end of the first quarter of 2025, the company's total US Treasury exposure reached a historic high, approaching $120 billion. This massive figure includes indirect US Treasury exposure through money market funds and reverse repurchase agreements.
As of March 31, 2025, Tether's total assets reached at least $149,274,515,988, while total liabilities were $143,682,673,588, indicating the company's current excess reserves of $5.6 billion.
First Quarter Earning Billions, Holding $7.66 Billion in Bit
The report shows that this quarter, Tether generated over $1 billion in operational profits from its investment portfolio, primarily due to its extensive and robust US Treasury investment portfolio.
Notably, Tether's reserve assets also include approximately $6.6 billion in precious metals (mostly gold) and $7.66 billion worth of Bit.
USDT's Operational Performance
Regarding the operational performance of Tether's primary stablecoin USDT, it continued to show stable growth in the first quarter of 2025, with circulating supply increasing by approximately $7 billion. During the same period, the number of user wallets using USDT increased by 46 million, representing a quarterly growth rate of 13%.
By the end of the first quarter, the official estimate of global USDT wallet numbers reached 415 million, demonstrating that stablecoins have been widely accepted as a stable, efficient, and accessible channel into the global digital economy.
Strategic Investment and Future Outlook
Tether's ambitions extend beyond stablecoin issuance. Through its independent investment division Tether Investments, the company is actively pursuing diversified strategic investments. To date, Tether has allocated over $2 billion in funds to long-term projects in forward-looking industries such as renewable energy, artificial intelligence (AI), peer-to-peer (P2P) communication, and data infrastructure.
These investments are managed separately from the reserves supporting USD₮ and do not belong to the reserve assets maintaining the stablecoin's value. This demonstrates Tether's vision to expand its business scope and play a more active role in global technological development and infrastructure construction.
Further Reading: New Crypto Carrier Born! Tether, SoftBank, and Bitfinex Jointly Establish $3 Billion "21 Capital": Fully Buying Bit Copying MicroStrategy's Success
