Tether just obliterated its former net profit record for a single quarter 

The profits were driven by interest earned on US Treasury holdings, as well as market gains on bitcoin and gold

article-image

Skorzewiak/Shutterstock modified by Blockworks

share

Stablecoin issuer Tether has notched a record quarterly net profit at a time during which the company is broadening its scope. 

Tether tallied an all-time high net profit of $4.52 billion in the first quarter, according to a Wednesday attestation report by auditing firm BDO. 

Tether’s first quarter net operating profits of $1 billion were driven by its US Treasury holdings, the company added. Other profits stemmed from mark-to-market gains in its bitcoin and gold positions.

Bitcoin’s price hit a new peak of about $73,000 in mid-March before trending downward in April.

The $4.52 billion total obliterates the former record of $2.85 billion in net profit gathered during the last three months of 2023.

Read more: Tether made nearly $1B in monthly profit during Q4

Tether’s token, USDT, is intended to maintain a value of $1 and can be redeemed for US dollars at any time.  

As of March 31, Tether’s reserves were nearly $6.3 billion higher than the liabilities of the companies issuing USDT.  

USDT’s market capitalization was roughly $110 billion at 10 am ET, behind only bitcoin and ether among crypto assets. That figure is more than triple the $33 billion market cap of competing stablecoin USDC. 

The latest disclosure comes as Tether seeks to build out its business beyond just stablecoins.

Read more: Tether looks to ‘build the next generation of open AI models’ with new data division

It recently launched a data initiative focused on developing and investing in new technology, for example. Other new divisions include a unit focused on blockchain-based financial infrastructure and one involved in the mining and energy sectors. 

“With this evolution beyond our traditional stablecoin offerings, we are ready to build and support the invention and implementation of cutting-edge technology that removes the limitations of what’s possible in this world,” CEO Paolo Ardoino said in a statement last month.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

With much of the bitcoin mining supply chain based in Asia, US-based operations now face higher equipment prices

article-image

Anticipating an economic downturn, venture firms may be less likely to invest

article-image

Trump’s tariffs may have potentially significant impacts on GDP, household spending and food prices — if they hold

article-image

The Binance-affiliated stablecoin lost about $200M of market capitalization

article-image

How the Bitcoin conversation has evolved since the price was less than $1

article-image

The platform also rolled out 13 tokenized funds for institutions on the Connect platform