Tether (USDT) Investments in U.S. Treasurys Approach $120 Billion

Tether, the company behind the USDT stablecoin, said it had nearly $120 billion invested in U.S. Treasurys by the end of March.

Tether, the company behind the USDT stablecoin, reported having nearly $120 billion invested in U.S. Treasurys by the end of March, according to a report released Thursday.

The company also 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.

The company’s U.S. Treasury holdings reached nearly $120 billion, the highest in its history. These numbers, confirmed by global accounting firm BDO, show 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.

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.

After reporting a whopping $6 billion profit for Q4 2024, Tether's earnings decreased significantly in Q1 2025. The company announced a profit of over $1 billion for the period, a decline from the previous quarter's earnings.

The company's Q4 profit was largely driven by gains from Bitcoin and gold, which helped buffer against the volatility in the crypto market. However, this time, most of the profit came from the steady returns on U.S. Treasurys, while gold further aided in balancing out the crypto market fluctuations.