USDT Issuer Tether Reports $1 Billion Q1 Profit, Marking Sharp Drop from Previous Quarter

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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.

Also read: Tether Targets U.S. Stablecoin Launch, Awaits Regulatory Clarity

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.

Tether made over $1 billion in profit in Q1 2025, down from $6 billion in the previous quarter. The earlier jump was mostly due to gains from Bitcoin and gold. This time, most of the profit came from steady returns on U.S. Treasurys, with gold helping balance out crypto market volatility.