PANews reported on May 1 that Tether today released a first quarter 2025 certification report issued by BDO, confirming the accuracy of its financial data and reserve report (FFRR) and disclosing its assets as of March 31. The report shows that Tether holds a total exposure of nearly $120 billion in U.S. Treasury bonds (including indirect holdings), a record high. Traditional investment operating profit exceeded $1 billion this quarter, mainly benefiting from the performance of the U.S. Treasury portfolio, and gold gains partially offset the volatility of the cryptocurrency market. Excess reserves reached $5.6 billion, reflecting its liquidity management capabilities. In terms of operations, the circulating supply of USDT increased by approximately $7 billion, and the number of user wallets increased by 46 million, a month-on-month increase of 13%. In addition, Tether invested more than $2 billion in renewable energy, artificial intelligence and other fields through Tether Investments. Management emphasized that such investments are not included in stablecoin reserves, but are intended to promote a sustainable digital economy. As of March 31, Tether Token Issuer had total assets of approximately $149.275 billion and total liabilities of approximately $143.683 billion, with assets exceeding comprehensive liabilities.