标题：Tether，世界上最大的Stablecoin的发行人，在第一季度2025年$ 1B营业利润

世界上最大的Stablecoin的发行人Tether显示，2025年的第一季度收益率很高，其营业利润超过10亿美元，并披露了近1,200亿美元的美国国库相关资产。

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的发行人Tether显示，2025年的第一季度收益率很高，其营业利润超过10亿美元，并披露了近1,200亿美元的美国国库相关资产。

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观看的财务状况表明，截至3月31日，Tether持有直接债券账单的985亿美元，并在类似现金的工具（例如Repo协议）中扣留了230亿美元。该报告还标志着持续倾向于高度流动的低风险资产，以支持其旗舰令牌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.

该公司表示，目前，该公司的储备还超出了备份USDT所需的56亿美元，这是2024年底记录的71亿美元盈余。在本季度，USDT的供应量增长了70亿美元，目前在流通的1490亿美元中增长。钱包使用代币的地址也看到了颠簸，增加了4600万。

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继续将其一些盈余资本用于风险投资，现在超过20亿美元在可再生能源，AI，加密通信和数字基础设施等领域部署了超过20亿美元。

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与Circle的USDC以及Circle的USDC保持了主导的美元支持的Stablecoin。根据美国财政部的预测，这两家公司共同占Stablecoin市场的87％，分析师预计到2028年，该市场预计将膨胀至2万亿美元。

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.

尽管如此，欧洲的监管机构仍开​​始发出警报。意大利银行在最近的一份出版物中警告说，如果发生市场中断，对美元连接的代币的大大依赖可能会带来系统性风险，尤其是考虑到美国政府债券在支持这些资产中的作用。

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.

同时，Tether计划在2025年底之前推出美国市场的新产品，首席执行官Paolo Ardoino在接受CNBC采访时说。

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.

发射时间表取决于美国稳定股（Stablecoins）立法的进展。 “我们只是我们认为是美国有史以来最好的产品的出口商，即美元，” Ardoino说。

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说，USDT最初是在服务不足的地区使用的，例如发展中国家的农村地区和西方金融系统以外的小型企业。他补充说，Tether正在准备为美国用户量身定制的“不同产品”。