Tether, the company behind the USDT stablecoin, said it had nearly $120 billion invested in U.S. Treasurys by the end of March, according to a report released Thursday. The company made more than $1 billion in profit from its traditional investments during the first quarter. However, that’s a big drop compared to the $6 billion profit it reported in the previous quarter.
Tether’s U.S. Treasury Holdings Approach $120 Billion
Tether has released its Q1 2025 report, showing solid financial results despite a rocky quarter for the crypto market. In a press release today, the stablecoin company announced it made over $1 billion in operating profit during the first quarter. Its investments in U.S. Treasurys also reached nearly $120 billion, the highest in its history. These numbers, confirmed by global accounting firm BDO, shows Tether’s increased dominance.
Tether’s USDT remains the world’s largest U.S. dollar-backed stablecoin, with around $150 billion in circulation. The company regularly releases quarterly reports showing the reserves backing USDT.
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Tether said its nearly $120 billion in U.S. Treasury exposure includes both direct investments and indirect holdings through money market funds and reverse repurchase agreements. Direct investments in Treasurys made up about $99 billion at the end of Q1