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According to the official announcement, Tether released its audit report for the first quarter of 2025. As of March 31, 2025, Tether's total exposure to U.S. Treasury bonds was close to $120 billion, reaching a record high. Meanwhile, Tether achieved over $1 billion in traditional investment operating profits in the first quarter, primarily due to the robust performance of its U.S. Treasury bond portfolio, while gold investments nearly offset the volatility in the crypto market. In terms of assets and liabilities, Tether's total assets were at least $149.27 billion, with total liabilities of $143.68 billion, of which $143.68 billion was related to issued digital tokens. The excess reserves reached $5.6 billion, demonstrating the company's strong risk management and liquidity status. In the first quarter, the circulating supply of USDT increased by approximately $7 billion, and the number of user wallets increased by 46 million, a quarter-on-quarter growth of 13%. Additionally, Tether strategically invested over $2 billion through Tether Investments in long-term projects such as renewable energy, artificial intelligence, peer-to-peer communication, and data infrastructure.