Tether’s Treasury Stash Nears $120B—Because Nothing Says ’Stable’ Like Hoarding Uncle Sam’s Debt

Tether’s U.S. Treasury holdings are inching toward a jaw-dropping $120 billion, flirting with an all-time high. The stablecoin giant’s vault now rivals some mid-sized sovereign wealth funds—because why diversify when you can double down on the world’s favorite IOU?

Behind the numbers: This isn’t just a parking lot for idle cash. Every dollar-pegged USDT in circulation is theoretically backed by these bonds, turning the crypto industry’s most controversial company into an accidental powerhouse of traditional finance. Who needs a bank charter when you’ve got a printing press and a Bloomberg terminal?

The irony? While regulators fret about stablecoins ‘disrupting’ monetary systems, Tether’s growing pile of Treasuries actually makes it a de facto extension of the U.S. debt machine. Talk about a plot twist Wall Street didn’t see coming.

Tether’s U.S. Treasury exposure surges to approach a record $120B

Tether just released the attestation for Q1 2025, the first quarter under the regulatory supervision in El Salvador.

Highlights as of 31st March 2025:
* 143.6B total issued USDt.
* 149.3B total assets/reserves.
* 5.6B excess reserves, on top of the 100% reserves in liquid assets… https://t.co/Dqay27kus7 pic.twitter.com/RiOVi31qxs

— Paolo Ardoino 🤖 (@paoloardoino) May 1, 2025

Tether published its Q1 2025 attestation, showing that as of March 31, 2025, its total exposure to U.S. Treasuries reached a record high of nearly $120 billion. Additionally, its total assets exceeded $149.27 billion, with liabilities at $143.68 billion, of which $143.67 billion was related to digital tokens issued, resulting in assets surpassing liabilities and excess reserves of $5.6 billion.

Paolo Ardoino, the CEO of Tether, said Q1 2025 showcased his company’s continued leadership in stability, strength, and vision. He also stressed that the stablecoin issuer had record U.S. Treasury exposure, growing reserves, strong profits, and there was increased adoption of USD₮ worldwide.

“We remain focused on delivering trust, transparency, and value to hundreds of millions of users. Our mission is clear: to responsibly and compliantly power the digital economy and strengthen the role of the U.S. dollar on the global stage.”

–Paolo Ardoino, Tether CEO

As per the BDO, the valuation of Tether’s assets was based on normal trading conditions and did not reflect unexpected and extraordinary market conditions or the case of key custodians or counterparties experiencing substantial illiquidity, which may result in delayed realizable values. No provision for expected credit losses was identified by management at the reporting date.

Tether acquires 70% of Adecoagro to expand into sustainable infrastructure

On April 30th, Tether announced the successful acquisition of a 70% controlling stake in Adecoagro, representing a major step in the company’s broader strategy to expand beyond digital finance and into real-world infrastructure–including energy, agriculture, data, and communications.

According to the USDT issuer, its engagement with Adecoagro began in September 2024 with a $100 million investment for a 9.8% stake, signaling its intent to support and scale sustainable real-world asset (RWA) production. The acquisition was part of Tether’s growing focus on leveraging its capital and technological expertise to invest in businesses that supported economic freedom and long-term resilience in emerging markets.

Ardoino said the acquisition of Adecoagro reflected his company’s commitment to advancing sustainable, real-world infrastructure in regions where investment was historically limited. Mariano Bosch, the Co-Founder and CEO of Adecoagro, also added that Tether’s investment marked a turning point for his company. 

The newly appointed Chairman of the Board, Juan Sartori, believes that the partnership also brought a new era of opportunity for Adecoagro. He added that his company looked forward to scaling its impact in sustainable agriculture and energy, reinforcing capital discipline, and unlocking long-term value across South America. Sartori also emphasized that Adecoagro’s acquisition followed a series of initiatives by Tether to broaden its reach and reassert its role, with prior initiatives in Bitcoin mining, AI infrastructure, and peer-to-peer communications.

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