Key Takeaways
- Tether elevated its U.S. Treasury holdings to $120 billion in Q1 2025.
- Quarterly income fell to $1 billion, down from $4.52 billion a yr earlier.
- USDT provide expanded by $7 billion, with pockets development of 46 million customers.
Tether added over $3 billion to its U.S. Treasury publicity within the first quarter of 2025, at the same time as its quarterly income fell sharply year-over-year, based on its newest attestation report.
Asset holdings overview
By March 31, Tether held roughly $120 billion in a mixture of Treasury payments, reverse repurchase agreements, and cash market funds — up from $116.7 billion on the finish of 2024.
Its direct Treasury invoice holdings stood at $98.5 billion, with a further $15.1 billion in reverse repos and $6.3 billion in cash market funds.
Asset backing & stability
The corporate now backs 81.5% of its $149.3 billion in complete belongings with money, money equivalents, and short-term deposits, the vast majority of that are U.S. authorities debt.
CEO’s assertion on management
Tether’s continued management in stability, energy, and imaginative and prescient was emphasised by CEO Paolo Ardoino.
He famous:
We stay centered on delivering belief, transparency, and worth to a whole bunch of tens of millions of customers.
Monetary efficiency
Tether posted $1 billion in Q1 working revenue, down from $4.52 billion in the identical quarter final yr.
The decline was tied to steady Treasury yields and a drop in Bitcoin’s worth from $93,812 to $82,704.
Tether’s gold holdings rose to $6.7 billion, offsetting some crypto-related losses.
Belongings & liabilities
Whole belongings have been $149.3 billion, with $143.7 billion in liabilities, leaving $5.6 billion in extra reserves — down from $7.1 billion final quarter, partially attributable to a $2.3 billion dividend payout.
USDT provide development
USDT provide rose by $7 billion in Q1, with 46 million extra wallets holding the stablecoin, a 13% quarterly bounce.