The company behind the USDT stablecoin, Tether, reported a record net profit of $4.52 billion for the January-March period.
According to the report, the issuer earned approximately $1 billion from operating profit, primarily as interest income from U.S. Treasury bills.
Direct investments in these instruments exceeded $74.2 billion, with a total of $92.7 billion when including cash and equivalents, indirectly through REPO transactions.
The remaining net profit of approximately $3.5 billion came from the appreciation of positions in Bitcoin ($3.65 billion) and gold ($5.7 billion).
Tether’s equity increased to $11.37 billion. As of December 31, the figure stood at $7.01 billion. The level of excess reserves rose by $1 billion, reaching $6.26 billion.
The volume of USDT issued in the first quarter increased by $12.5 billion, reaching $110.3 billion. Auditor BDO confirmed that 90% of the tokens are backed by cash and equivalents.
Tether highlighted its strategic investments in AI infrastructure, P2P communications, as well as renewable energy and mining.
The total amount exceeded $5 billion. The company did not disclose details but emphasized that these also support token issuance.
USDC recently surpassed the segment leader, Tether’s USDT, in monthly transactions, according to Visa’s calculations.
Earlier, Bernstein analysts predicted that the market value of stablecoins would grow to $2.8 trillion over the next five years.