Tether International today released its first quarter report for 2025, which was completed by BDO, one of the world's top five independent accounting firms, according to online reports. The report confirms the accuracy of Tether's financial data and reserves report (FFRR) and provides a transparent breakdown of the assets supporting fiat denominated stablecoins as of March 31, 2025. According to the report, Tether's total exposure to U.S. Treasury bonds (including money market funds and indirect positions in reverse repo agreements) hit a record high of nearly US$120 billion. This milestone not only confirms its conservative reserve management strategy, but also highlights Tether's important role as a hub for large-scale distribution of US dollar liquidity. Tether Q1's traditional investment portfolio achieved operating profits of over US$1 billion, mainly due to the solid performance of U.S. Treasury bonds, while gold investment almost completely offset the volatile impact of the crypto market. In addition, USDT circulation increased by approximately US$7 billion in the first quarter. As of March 31, 2025, the company's management confirmed the following key data: ·The issuer's total assets are at least US$149,274,515,988·The issuer's total liabilities are US$143,682,673,588, of which US$143,678,070,758 are issued digital token liabilities·The issuer's assets fully cover the consolidated liabilities·Own investments in emerging fields such as AI and energy through Tether Investments are not included in the token reserve. New USDT wallets were added this quarter. 6 million, a month-on-month increase of 13%