ether reported the lowest level of excess reserves since mid-2024

02.05.2025

The current surplus of Tether's reserves has dropped to its lowest level since the second quarter of 2024, when it stood at $5.3 billion. Tether — the issuer of the world’s largest stablecoin by market capitalization — has published its financial report for the first quarter of 2025. The document reveals nearly $120 billion held in U.S. government bonds and over $1 billion in operating profit. According to the report, the company’s assets inсlude $98.5 billion in direct U.S. Treasury bills, as well as over $23 billion in additional repurchase agreement obligations and other cash equivalents. As of the first quarter of 2025, Tether’s excess reserves backing the USDT stablecoin amounted to $5.6 billion — $7.1 billion less than in the last quarter of 2024. As of May 1, the market capitalization of USDT was $149 billion. “The circulating supply of USDT grew by approximately $7 billion in the first quarter, while the number of user wallets increased by 46 million,” the report stated. The company’s excess capital is used for strategic investments: over $2 billion has been allocated to projects in renewable energy, artificial intelligence, peer-to-peer communications, and data transmission infrastructure. Meanwhile, European uniоn officials have expressed concern over the risks of excessive reliance on dollar-linked stablecoins. The Bank of Italy warned that disruptions in the stablecoin market or in the bonds backing them could have repercussions for the broader global financial systеm.