標題：Tether，世界上最大的Stablecoin的發行人，在第一季度2025年$ 1B營業利潤

世界上最大的Stablecoin的發行人Tether顯示，2025年的第一季度收益率很高，其營業利潤超過10億美元，並披露了近1,200億美元的美國國庫相關資產。

Tether, the issuer of the world’s largest stablecoin, revealed strong first-quarter earnings for 2025, posting over $1 billion in operating profit and disclosing nearly $120 billion in U.S. Treasury-related assets.

世界上最大的Stablecoin的發行人Tether顯示，2025年的第一季度收益率很高，其營業利潤超過10億美元，並披露了近1,200億美元的美國國庫相關資產。

The financials, which were viewed by Blockworks, show that Tether held $98.5 billion in direct Treasury bills as of March 31, along with an additional $23 billion tied up in cash-like instruments such as repo agreements. The report also marks a continued tilt toward highly liquid, low-risk assets to support its flagship token, USDT.

Blockworks觀看的財務狀況表明，截至3月31日，Tether持有直接債券賬單的985億美元，並在類似現金的工具（例如Repo協議）中扣留了230億美元。該報告還標誌著持續傾向於高度流動的低風險資產，以支持其旗艦令牌USDT。

The firm said it currently maintains $5.6 billion in reserves beyond what is needed to back USDT, a dip from the $7.1 billion surplus recorded at the end of 2024. USDT’s supply grew by $7 billion during the quarter, now topping $149 billion in circulation. Wallet addresses using the token also saw a bump, increasing by 46 million.

該公司表示，目前，該公司的儲備還超出了備份USDT所需的56億美元，這是2024年底記錄的71億美元盈餘。在本季度，USDT的供應量增長了70億美元，目前在流通的1490億美元中增長。錢包使用代幣的地址也看到了顛簸，增加了4600萬。

Tether continues to use some of its surplus capital for venture-style investments, with more than $2 billion now deployed across sectors like renewable energy, AI, encrypted communication, and digital infrastructure.

Tether繼續將其一些盈餘資本用於風險投資，現在超過20億美元在可再生能源，AI，加密通信和數字基礎設施等領域部署了超過20億美元。

USDT remains the dominant dollar-backed stablecoin, along with Circle’s USDC. Together, the two represent 87% of the stablecoin market, which analysts expect to balloon to $2 trillion by 2028, according to U.S. Treasury forecasts.

USDT與Circle的USDC以及Circle的USDC保持了主導的美元支持的Stablecoin。根據美國財政部的預測，這兩家公司共同佔Stablecoin市場的87％，分析師預計到2028年，該市場預計將膨脹至2萬億美元。

Still, regulators in Europe are starting to sound alarms. The Bank of Italy warned in a recent publication that heavy dependence on dollar-linked tokens could pose systemic risks if market disruptions occur, especially given the role of U.S. government bonds in backing these assets.

儘管如此，歐洲的監管機構仍開​​始發出警報。意大利銀行在最近的一份出版物中警告說，如果發生市場中斷，對美元連接的代幣的大大依賴可能會帶來系統性風險，尤其是考慮到美國政府債券在支持這些資產中的作用。

Meanwhile, Tether is planning to roll out a new product for the U.S. market by the end of 2025, CEO Paolo Ardoino said in an interview with CNBC.

同時，Tether計劃在2025年底之前推出美國市場的新產品，首席執行官Paolo Ardoino在接受CNBC採訪時說。

The launch timeline depends on progress in U.S. legislation around stablecoins. “We are just exporters of what we believe to be the best product the United States ever created — that is, the U.S. dollar,” Ardoino said.

發射時間表取決於美國穩定股（Stablecoins）立法的進展。 “我們只是我們認為是美國有史以來最好的產品的出口商，即美元，” Ardoino說。

USDT was originally created for use in underserved regions, such as rural areas in developing countries and small businesses outside Western financial systems, Ardoino said. He added that Tether is preparing a “different product” tailored for U.S. users.

Ardoino說，USDT最初是在服務不足的地區使用的，例如發展中國家的農村地區和西方金融系統以外的小型企業。他補充說，Tether正在準備為美國用戶量身定制的“不同產品”。