Tether increased its exposure to US Treasuries by over $3 billion between quarters despite a significant year-over-year decline in quarterly profits.
According to its latest attestation report released on April 30, Tether’s combined holdings in US Treasury bills, reverse repurchase agreements, and money market funds reached approximately $120 billion by March 31, up from around $116.7 billion at the end of 2024.
These holdings include $98.5 billion in direct Treasury bills, $15.1 billion in overnight reverse repurchase agreements, and $6.3 billion in money market funds, with $4.9 billion indirectly allocated to Treasuries.
This increase reflects the company’s strategy to focus more on low-risk, short-term government instruments to support its USDT stablecoin reserves.
Tether’s updated reserve composition indicates that it holds 81.5% of its total $149.3 billion in cash, cash equivalents, and short-term deposits, primarily in US government debt.
