Tether, the corporate behind the world’s largest stablecoin by market capitalization, has launched its financials for the primary quarter of 2025, disclosing practically $120 billion in publicity to US Treasurys and over $1 billion in working revenue.

In accordance to Tether’s Q1 2025 monetary report, the corporate’s belongings embody $98.5 billion in direct US Treasury payments, together with over $23 billion in further publicity by way of repurchase agreements and different cash-equivalent belongings.

In line with the announcement, Tether holds $5.6 billion in extra of reserves for its USDt (USDT) stablecoin, down from $7.1 billion in extra from the final quarter of 2024. The stablecoin has a market capitalization of $149 billion as of Might 1.

“Circulating supply of USDT grew by approximately $7 billion in Q1, with a 46 million increase in user wallets,” it mentioned.

The corporate’s extra capital continues to fund strategic investments, with greater than $2 billion allotted in renewable vitality, synthetic intelligence, peer-to-peer communications, and knowledge infrastructure. 

The stablecoin market is broadly dominated by tokens pegged to the US greenback, with USDT and Circle’s USDC holding a mixed 87% share. In line with the US Treasury’s Q1 2025 report, the market cap for dollar-backed stablecoins is poised to achieve $2 trillion by 2028.

European Union officers have not too long ago raised considerations in regards to the dangers of overreliance on dollar-pegged stablecoins. In line with the Financial institution of Italy, disruptions within the stablecoins market or the underlying bonds may have “repercussions for other parts of the global financial system.”

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