Tether International, S.A. de C.V. (TI) today published its Q1 2025 attestation, completed by BDO, a top-five global independent accounting firm. The report confirms the accuracy of Tether’s Financials Figures and Reserves Report (FFRR) and offers a transparent breakdown of the assets backing Fiat Denominated stablecoins as of March 31, 2025.

In a quarter marked by market turbulence, Tether delivered record-breaking results that further underscore the company’s financial strength and growing global relevance. TI reached an all-time high of total exposure in U.S. Treasuries approaching $120 billion, including Treasuries indirect exposures from Money Market Funds and reverse repo agreements. This milestone not only reinforces the company’s conservative reserve management strategy but also highlights Tether’s growing role in distributing dollar-denominated liquidity at scale. As demand for high-quality dollar assets continues to rise, Tether stands at the intersection of traditional finance and digital utility, supporting the global relevance of the U.S. dollar in a rapidly evolving economy.

Tether also reported over $1 billion in operating profit from traditional investments during the quarter, driven by solid performance in its U.S. Treasury portfolio, while the performance of Gold has almost offset the volatility in crypto markets. Excess reserves at $5.6 billion, redemonstrate the company’s robust risk management and strong liquidity position.

Circulating supply of USD₮ grew by approximately $7 billion in Q1, with a 46 million increase in user wallets, a clear indicator of rising trust in Tether’s transparency, resilience, and its utility as the leading digital representation of the U.S. dollar. This further emphasizes that USD₮ is viewed as a stable, efficient, and accessible on-ramp to the global economy.

Beyond reserves, Tether continues to invest strategically through Tether Investments, with more than $2 billion allocated toward long-term initiatives in sectors such as renewable energy, artificial intelligence, peer-to-peer communications, and data infrastructure. These forward-looking investments are not part of the reserves backing USD₮ but reflect Tether’s commitment to building sustainable digital economies.

The first quarter of 2025 also marked TI’s first quarter under regulatory supervision in El Salvador, where the company is licensed as a stablecoin issuer under the country’s thorough Digital Assets framework. This regulatory milestone enhances Tether’s credibility and reaffirms its dedication to compliant, transparent growth in both established and emerging markets.

The Management of the Company asserts the following as of March 31, 2025:

• The token issuer Company’s total assets amount to at least $149,274,515,988.
  
• The token issuer Company’s total liabilities amount to $143,682,673,588, of which $143,678,070,758 relate to digital tokens issued.
  
• The token issuer Company’s assets exceed its consolidated liabilities.
  
• The Company’s proprietary investments via Tether Investments in emerging sectors such as AI, energy, and communications are not counted as part of the reserves backing the issued token.
  
• In terms of the number of new USD₮ wallets, growth for the quarter is estimated to be ~46 million, a 13% increase from the previous quarter.
  

Paolo Ardoino, CEO of Tether, commented:

“Q1 2025 showcases Tether’s continued leadership in stability, strength, and vision. With record U.S. Treasury exposure, growing reserves, strong profits, and increased adoption of USD₮ worldwide, we remain focused on delivering trust, transparency, and value to hundreds of millions of users. Our mission is clear: to responsibly and compliantly power the digital economy and strengthen the role of the U.S. dollar on the global stage.”

For more information, please refer to the latest Consolidated Reserves Report and attestation here.