Tether Reports Q1 Profit Above $1 Billion, Down From 2024 Amid Bitcoin Yield Decline
Tether reported a profit exceeding $1 billion in Q1 2025, a significant decrease from the $4.52 billion profit in Q1 2024. The profit was primarily driven by yields from U.S. Treasuries held in reserve. As of March 31, 2025, Tether had issued $143.6 billion in USDt and held total assets of $149.3 billion, with $5.6 billion in excess reserves. Approximately 66% of Tether's reserves are in U.S. Treasuries, and about 5% are in Bitcoin, valued at around $7.7 billion. Bitcoin's price fell by 12% during Q1 2025, contributing to the lower profits compared to the previous year when Bitcoin's price had risen significantly. Tether is exploring a comprehensive audit of its reserves and may create a U.S.-specific stablecoin to comply with pending legislation requiring foreign issuers to undergo reserve audits.
