Tether posts $1B in Q1 operating profit, $5.6 billion excess in reserves
Summary
Tether's Q1 2025 financial report reveals nearly $120 billion in exposure to US Treasurys and over $1 billion in operating profit. Assets include $98.5 billion in direct US Treasury bills and over $23 billion through repurchase agreements. Tether holds $5.6 billion in excess reserves for its USDT stablecoin, which has a market cap of $149 billion. USDT's circulating supply increased by $7 billion, with 46 million new user wallets. The company invests over $2 billion in renewable energy, AI, and data infrastructure. USDT and USDC dominate the stablecoin market, with concerns about reliance on dollar-pegged tokens raised by EU officials.
