Tether Posts $1B in Q1 Operating Profit

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Tether’s current excess reserves are at their lowest since Q2 2024, when it held $5.3 billion in reserves.

Tether, the issuer of the world’s largest stablecoin by market capitalization, has published its financial details for the first quarter of 2025, revealing nearly $120 billion in US Treasury exposure and over $1 billion in operating profit.

According to Tether’s Q1 2025 report, its assets include $98.5 billion in direct US Treasury bills, plus more than $23 billion in additional exposure through repurchase agreements and other cash-equivalent assets.

The announcement stated Tether holds $5.6 billion in reserves exceeding those required for its USDT stablecoin, down from $7.1 billion in the last quarter of 2024. As of May 1, the stablecoin’s market capitalization stands at $149 billion.