Tether’s First Quarter Operating Profit Surpasses $1 Billion

In the first quarter, Tether reported an operating profit of $1 billion from traditional investments. This assessment is included in the commentary on the attestation report of the USDT stablecoin issuer.

Tether Approaching $120B in U.S. Treasuries, Confirms Quarterly Operating Profit Over $1B, and Strengthens Global USD₮ Demand in Q1 2025
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— Tether (@Tether_to) May 1, 2025

The result was driven by the rise in the value of U.S. Treasuries, while the positive revaluation of gold nearly offset the volatility of Bitcoin, according to the document.

The supply of USDT increased by ~$7 billion, reaching $143.68 billion, while the number of user wallets grew by 46 million.

The risk exposure to US Treasuries approached $120 billion. This figure includes indirect ownership of securities through money market funds and reverse repo agreements. Direct investments in U.S. Treasury obligations reached $98.5 billion.

Excess stablecoin reserves amounted to $5.59 billion. The decrease from the end of 2024 valuation ($7.09 billion) was influenced by a dividend payout of $2.35 billion.

Tether highlighted its investments in “long-term initiatives” in renewable energy, AI, peer-to-peer communications, and data transmission infrastructure amounting to “over $2 billion.”

The report was audited by the independent firm BDO, which confirmed the accuracy of USDT’s financial figures and reserves.

January to March marked Tether’s first financial period “under regulatory oversight in El Salvador,” where its new headquarters is located.

Earlier, the company confirmed the gold backing for the XAUT stablecoin at the end of March.

In April, Tether became a co-founder of Twenty One Capital, investing 23,950 BTC in the organization’s charter capital. The firm is positioned as “the best tool for investors seeking capital-efficient risk on Bitcoin.”