Tether, the company behind the largest stablecoin, reported its Q1 2025 financials, revealing $120 billion exposure to US Treasurys and $1 billion operating profit. Assets include $98.5 billion in US Treasury bills and $23 billion in other assets. They hold $5.6 billion in excess reserves for its USDt stablecoin, with a market cap of $149 billion. USDT circulation grew by $7 billion in Q1, with 46 million added user wallets. Tether invested over $2 billion in various sectors. The stablecoin market is mainly led by USDT and USDC, holding 87%. The US Treasury predicted a $2 trillion market cap for dollar-backed stablecoins by 2028, raising concerns in the EU about reliance on them. Italian officials warned of potential global financial system impacts from market disruptions or bond issues. Magazine: Crypto evolving from challenging banks to resembling them in the stablecoin battle.