Tether just posted more than $1 billion in operating profit for the first quarter of 2025. The company tied that result to steady income from its traditional investments, with nearly $120 billion in U.S. Treasury exposure serving as the main driver. Its quarterly attestation, completed by BDO, also shows a reserve mix that includes gold and secured loans, alongside a substantial buffer above liabilities.
The bigger takeaway is what that says about USDT itself. Because USDT is core market infrastructure, Tether generating strong income from liquid reserve assets during a choppy quarter matters beyond a single profit figure. And the more concrete angle here is the mix: Tether says gains from gold and income from secured loans helped offset crypto-market swings, showing this quarter was not driven only by higher token prices.