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Tether’s Q1 Report Shows Over $1 B Profit and Near-Record $120B in U.S. Treasuries

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  • Tether posted over $1B in Q1 2025 profit, supported by strong U.S. Treasury yield returns.
  • USD₮ supply rose by $7B as user wallets increased by 46M in Q1, showing rising adoption.
  • U.S. Treasury assets reached $120B for Tether, making up most of its backing reserves.

Tether International has released a Q1 2025 attestation report confirming financial success despite challenging crypto market conditions. The stablecoin issuer generated over $1 billion in operating profit, reaching its maximum ever U.S. Treasury holdings, which are near an all-time high of $120 billion. The figures, verified by accounting firm BDO, reflect a growing reliance on government securities for liquidity and reserve strength.

The latest performance indicates a more conservative income stream from Treasury yields than the $4.52 billion profit in Q1 2024, which was driven largely by Bitcoin and gold gains. As of March 31, the firm held assets worth $149.3 billion and liabilities worth $143.7 billion. The company maintains an excess reserve of approximately $5.6 billion, highlighting its interest in risk management through cash-equivalent assets.

Stablecoin Circulation and User Growth Expand

USD₮ circulation grew by about $7 billion in Q1 2025, bringing the total supply to nearly $148 billion. During the quarter, the user base adopting stablecoin wallets increased to 46 million, leading to a 13% rise. USD₮ has gained global adoption because of its position as a digital dollar alternative in various economic systems.

Tether attributes its growth to its stablecoin’s liquidity and operational attributes, including liquidity, transparency, and easy accessibility to digital assets. Moreover, 66% of the reserves backing USD₮ are in U.S. Treasuries, with a smaller portion in gold and Bitcoin. The reserves held by Tether in Bitcoin declined to $7.7 billion, down from prior quarters, due to new U.S. regulatory frameworks for stablecoin issuers.

Tether’s Regulatory Advances and Strategic Investments

Q1 2025 marked Tether’s first reporting period under regulatory oversight in El Salvador. According to El Salvador’s digital asset framework, the company operates as a licensed stablecoin issuer. The regulatory acknowledgment signifies positive movement in stablecoin legislation throughout the U.S., with the company distributing most of its reserves to government bonds to prepare for future compliance.

Tether makes investments outside its reserve holdings through its subsidiary, Tether Investments. The company has allocated over $2 billion to projects focusing on artificial intelligence, renewable energy, communications, and data infrastructure. The strategic investments made by Tether are not part of USD₮’s reserve backing, although they demonstrate the company’s commitment to emerging technological developments.

CEO Paolo Ardoino said, “We remain focused on delivering trust, transparency, and value to hundreds of millions of users.” While strengthening the US dollar’s digital presence, Tether is building its position within the worldwide digital finance industry through increased Treasury backing and an expanding user base.

Ethena and TON Foundation Partner to Launch USDe Stablecoin Across Telegram Wallets

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  • Ethena’s USDe and tsUSDe are now integrated natively across the TON blockchain ecosystem.
  • Telegram’s 1B+ users can access tsUSDe directly via Wallet in Telegram and TON Space wallet.
  • tsUSDe holders can earn 10% APY in TON plus rewards on up to 10,000 tsUSDe per wallet.

Ethena Labs and the TON Foundation have partnered to introduce Ethena stablecoin products, USDe and the staked variant tsUSDe, on the Open Network (TON). Integrating into Telegram aims to enhance access to decentralized finance (DeFi) with access to stablecoin-based dollar savings for over one billion users.

The launch supports native access to tsUSDe through Telegram wallets, providing a reward-bearing sUSDe version for TON users within the app’s wallet integration. Users access tsUSDe on Telegram’s custodial Wallet and the non-custodial TON Space wallet. 

Additional support through Tonkeeper, Tonhub, and MyTonWallet gives users access to tsUSDe functions. Telegram users can find wallet features through the application interface on mobile devices and desktop computers.

TON Ecosystem Welcomes tsUSDe for Broad DeFi Utility

USDe and tsUSDe are officially deployed on TON, allowing users to utilize the stablecoins throughout the blockchain’s DeFi infrastructure. Users can use these assets for decentralized lending activities, savings platforms, and other blockchain-based applications. USDe bridges from Ethereum to TON through the LayerZero interoperability protocol, while tsUSDe operates as a native TON-based smart contract asset.

Users who maintain tsUSDe in supported wallets will receive an annual percentage yield (APY) of 10% paid in TON alongside Ethena rewards for balances up to 10,000 tsUSDe. The incentive system is designed to attract first users and improve on-chain activity on TON’s financial ecosystem. The TON Foundation partnership intend to launch new reward systems to boost the APY capabilities of DeFi platforms operating on TON.

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Source: X

Long-Term Collaboration Targets Neobanking and Payment Integration

Ethena and the TON Foundation partnership mark the start of an extended collaboration between the two sides. Future initiatives may include developing neo banking services, peer-to-peer payment features and interfaces for DeFi lending and trading, all powered by Ethena’s stablecoin infrastructure.

Ethena is expected to unlock new use cases across Telegram’s platform and DeFi ecosystem. The team is also working on a tsUSDe-linked debit card, with the card provider still awaiting approval. However, users could spend their US dollars, with support for services like Apple Pay expected later this year.

With Tether’s USDT currently dominating TON’s stablecoin activity at nearly $900 million, Ethena’s USDe, with a $4.6 billion market cap, enters the ecosystem as a major alternative. The official launch of tsUSDe is expected in the coming weeks, and further updates will be provided by Ethena and TON Foundation.

Visa and Stripe’s Bridge Partner to Boost Easier Stablecoin Card Use in Latin America

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  • Visa and Stripe’s Bridge launches stablecoin-linked cards in six Latin American markets.
  • Bridge Platform simplifies multi-country stablecoin card issuance for fintech companies.
  • Stablecoin Visa cards instantly convert crypto balances to local currencies at checkout.

Visa Inc. has launched stablecoin-linked Visa cards through a partnership with Bridge, which belongs to Stripe. Fintech companies can establish card programs linked to stablecoin balances through this platform. The initial launch of this technology expands into six Latin American countries, including Argentina, Colombia, Ecuador, Mexico, Peru, and Chile.

Bridge’s platform simplifies the usual complexities fintech firms face when establishing partnerships with various banks. Developers typically face hurdles managing separate relationships in each country they target. The Visa-Bridge partnership allows business entities to launch card programs across multiple countries through a single API integration.

According to Visa’s global head of growth products and strategic partnerships, Rubail Birwadker, the collaboration leverages Visa’s extensive network of over four billion cards. Birwadker emphasized that these Visa cards function identically across 180 countries, enabling seamless transactions at more than 150 million merchants worldwide. The company plans to extend its capabilities for stablecoin payment systems to enhance the ease of crypto spending globally.

Stablecoins Drive New Payment Options in Latin America

This collaboration first targets Latin America, which has significant regional interest in stablecoins. Stable currencies such as US dollar-pegged stablecoins gain traction in Argentina because of its currency volatility. President Javier Milei’s recent capital control adaptation provides a stable currency alternative to the peso, which strengthens stablecoin adoption in Argentina.

Bridge’s co-founder and CEO, Zach Abrams, recognizes stablecoins as fundamental financial infrastructure. The co-founder highlighted the need to bridge traditional financial systems with tokenized financial technologies. Abrams sees this partnership as a major advancement toward integrating stablecoins into traditional financial operations, which enables users to spend their stablecoin holdings effortlessly.

The acquisition of Bridge under Stripe now controls the backend of stablecoin transactions. Through its operation, Bridge transforms consumer-stablecoin balances into merchants’ local currency. Kansas City-based Lead Bank, headed by former Square Capital executive Jackie Reses, issues these stablecoin-linked cards, ensuring regulatory compliance and consumer protection.

Expansion Plans in Europe, Africa, and Asia

Following the Latin American launch, Visa and Bridge plan rapid expansion into Europe, Africa, and Asia in the coming months. Stablecoin acceptance grows as different countries release rules to support its use. Recent developments in the U.S. Congress suggest stablecoin legislation could soon facilitate broader industry adoption. Notably, stablecoins’ transaction volumes have surpassed Visa’s, highlighting the increasing adoption.

Jack Forestell, Visa’s chief product and strategy officer, confirmed that the company is ready to expand stablecoin-based solutions globally and move beyond pilot programs. According to Forestell, consumers need stablecoins that can link seamlessly to financial tools to achieve widespread consumer acceptance.

Related Reading | Chainlink Powers Europe’s Regulated Tokenized Finance Boom with BX Digital & 21X

UK Unveils Draft Crypto Rules to Regulate Exchanges and Protect Investors

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  • UK draft law brings crypto exchanges and dealers under financial services regulation.
  • According to FCA research, UK crypto ownership rose from 4% in 2021 to 12% in 2024.
  • UK and US plan transatlantic collaboration on digital asset regulation and innovation.

The UK government has released draft legislation to regulate cryptoassets. The proposal intends to bring digital asset exchanges, dealers and agents within existing financial services law to improve investor confidence and consumer protection. Chancellor of the Exchequer Rachel Reeves announced the changes during UK Fintech Week in London.

According to the government, the draft amends the Financial Services and Markets Act 2000 to include crypto-related activities such as operating exchanges and offering custody services. The proposed framework establishes new transparency, operational resilience, and consumer protection standards that companies serving UK customers must implement.

These draft rules follow a notable rise in crypto adoption in the UK. According to data from the Financial Conduct Authority, 12% of UK adults owned or had owned crypto assets in 2024, compared to 4% in 2021. The initiative has been implemented to define safe regulatory boundaries for promoting responsible technological advancement.

International Cooperation and Transatlantic Alignment

In addition, Chancellor Reeves also revealed ongoing discussions with the United States to coordinate digital asset policy. These talks with U.S. Treasury Secretary Scott Bessent included proposals for a potential “transatlantic sandbox” for digital securities. The UK and US will continue this dialogue during the next June Financial Regulatory Working Group meeting.

The UK’s approach aligns more closely with the United States’ regulatory path, which treats crypto assets as securities, rather than the European Union’s specialized crypto framework under the Markets in Crypto Assets Regulation (MiCA). Experts suggest this alignment may offer greater clarity to firms operating across the Atlantic.

Nick Price, a financial services lawyer at Osborne Clarke, described the legislation as “a simple and straightforward piece” that introduces regulatory certainty. Simon Treacy from Linklaters noted that while the draft defines which assets and activities are in scope, more detailed implementation rules will follow.

Stablecoins and Crime Enforcement Measures

The legislative framework also contains provisions that intend to regulate stablecoin operations. The proposed framework specifies UK-based stablecoin issuers as the exclusive subjects for regulatory oversight. The inclusion reflects the growing recognition of stablecoins as digital payment instruments, potentially affecting monetary policy and consumer safety.

In addition, the UK government passed new legislation strengthening crypto-related enforcement efforts as part of its regulatory expansion. The crime bill passed earlier this year increases police authority to confiscate digital assets related to illegal activities.

These developments form part of the government’s broader Plan for Change which includes measures to grow the financial services industry. Reeves stated that the new rules “make Britain the best place to innovate and the safest place for consumers.” She emphasized that the UK remains open to responsible innovation but will act decisively against fraud and instability.

Notably, the Treasury is accepting feedback from stakeholders on the draft until May 25. After collecting industry feedback the final legislation will be introduced later in 2025.

Additionally, the Chancellor plans to launch the UK’s first Financial Services Growth and Competitiveness Strategy on July 15 at the annual Mansion House speech. The strategy prioritizes fintech development and targets UK leadership in digital finance.

FTX Warning: Return Stolen Assets or Face Legal Fury

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  • FTX escalates legal action against NFT Stars and Delysium for allegedly withholding owed crypto assets.
  • The exchange urges other token issuers to return assets, warning of more lawsuits to maximize creditor recoveries.
  • This legal push coincides with FTX’s upcoming $16 billion cash distribution to creditors starting May 30th.

In a major step, FTX is ramping up legal pressure against uncooperative token issuers or counterparties who are stonewalling asset recovery efforts. As per the press release, the exchange named two firms, NFT Stars Ltd. and KUROSEMI INC. (d/b/a Delysium), who have allegedly gone silent over handing over contractually entitled tokens. In the filing, it accused the firms of avoiding calls for engaging and seeking a resolution without litigation.

We urge token and coin issuers to return assets that rightfully belong to the exchange, and are willing to initiate litigation barring adequate engagement. Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors, including by filing two complaints against issuers who have repeatedly ignored our attempts to engage.

The FTX Recovery Trust is represented by Sullivan & Cromwell LLP as legal counsel and is aided by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel, and Landis Rath and Cobb LLP as Delaware counsel.

$16B Payout Looms as FTX Sues for Missing Crypto

As of now, FTX is in the process of contacting numerous other token and coin issuers regarding its assets and has warned of additional suits against non-responsive parties. It urges these parties to respond timely to avoid litigation.

This legal development comes as the crypto exchange is gearing up for a significant payout, with $16 billion in cash scheduled for distribution to creditors on the 30th of May. Notably, small creditors have already begun receiving payments, offering a glimmer of hope after the platform’s dramatic crash in November 2022.

FTX
FTX Warning: Return Stolen Assets or Face Legal Fury 3

While the exact amounts individual creditors will receive hinge on the finalized claims process, this large-scale disbursement marks a huge step forward in the complex FTX saga. The news will be closely watched by the crypto community and those impacted by the exchange’s failure.

Read more: FTX Unstakes 186K SOL Tokens—Will the Market See Another Shock?

Coinbase Launch Bitcoin “Savings Account” for Big Investors – Up to 8% Returns

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  • Coinbase launches a Bitcoin Yield Fund (CBYF) aiming for 4-8% annual net returns in BTC, targeting institutional investors.
  • CBYF prioritizes lower risk through third-party custody and avoids high-interest loans and systematic call selling.
  • Backed by investors like Aspen Digital, CBYF launches May 1, 2025, for international investors, with a $1B capacity.

Coinbase has launched a proprietary Bitcoin Yield Fund (CBYF) that seeks a 4-8% net return in BTC per year, over a market cycle, with investors subscribing and redeeming in the asset. 

As per the announcement post, Bitcoin yield funds come in handy against traditional assets or staked digital assets such as Ether and Solana that do not generate yield. Additionally, a lack of institutional allocators creates a hurdle for investment and operational purposes. In such a scenario, Coinbase’s BTC fund aims to lower expected investment and operational risks, aligning with institutional investor risk appetite.

CBYF also uses third-party custody integrations for trading, significantly reducing counterparty risk. Additionally, its investment strategy avoids riskier high-interest bitcoin loans and systematic call selling.

The fund received major financial backing from several high-profile investors, like Aspen Digital, an FSRA-regulated digital asset manager based in Abu Dhabi, UAE. CBYF officially launches on May 1, 2025.

Additional CBYF details: 

  • Monthly fund open for subscriptions/redemptions, five business days’ notice.
  • $1 billion AUM estimated strategy capacity.
  • Qualified custodians.
  • Currently available for international investors (non-US).

Coinbase Targets Institutions & Baby Boomers with New Bitcoin Yield Fund

As institutional crypto adoption grows, Coinbase Asset Management provides solutions for institutional investors to engage with digital assets by blending traditional investment experience with digital acumen.

Proponents say that such a fund will appeal to Baby Boomers, a demographic that traditionally harbors conservative investments, and appealing to this generation would help unlock a significant amount of capital into the crypto market due to their vast wealth.

Coinbase
Coinbase Launch Bitcoin "Savings Account" for Big Investors – Up to 8% Returns 5

Research suggests Baby Boomers favor dividend paying stocks, bonds, CDs, and real estate for steady income Now, with Coinbase launching the Coinbase Bitcoin Yield Fund that seeks 4–8% net returns in BTC What will make the perfect narrative to get Baby Boomers to buy Bitcoin, and why is this a big deal? They are the wealthiest living generation in the history of humanity. It’s time to RAISE THE TARGETS

In related news, SoftBank and Tether are launching a new Bitcoin fund with $3 billion in seed capital. Tether and Bitfinex will hold majority ownership, while SoftBank will have a minority stake.

Is Federal Reserve REALLY Crushing Crypto?

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  • Caitlin Long criticizes the Federal Reserve for keeping one key anti-crypto restriction while revoking others, alleging it favors big banks.
  • The remaining Fed guidance blocks banks from holding crypto as principal and issuing stablecoins on public blockchains.
  • Long argues this gives large banks a head start with private stablecoins and hinders broader bank crypto services, urging legislative action.

The Federal Reserve has come under fire for its stance on cryptocurrency. Caitlin Long, the CEO of Custodia Bank, claims that the Fed had kept one key restriction in place, despite revoking four other pieces of anti-crypto guidance. Such selective bias has significantly impacted banks’ ability to engage with the crypto industry.

The one restriction in question was allegedly mandated during the Biden White House in January 2023, which she alleges strategically benefits large banks. As per the top exec, one of the crucial aspects of the guidance involved blocking banks from principal crypto activities. This clause restricts banks from directly holding or transacting in cryptoassets, even in small amounts needed for transaction fees (gas).

Federal Reserve
Source: Unsplash

Secondly, banks are blocked from issuing stablecoins on public, permissionless blockchains such as Ethereum. Long claims that the Federal Reserve prefers policy favoring private, permissioned blockchains over public, permissionless ones. This is in contrast to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), which have reportedly rescinded this preference.

How the Federal Reserve’s Move Benefits Large Banks Before Potential Law Change

By doing this, the Fed is empowering large banks to develop their own private stablecoins. While this advantage might be nullified if the federal stablecoin bill passes, Long believes it still gives big banks an unfair advantage until then.

When the #stablecoin bill becomes law, the Fed’s preference for permissioned blockchains will be overturned. So Congress should hurry up! because in the meantime, the Fed just gave the big banks’ private stablecoins a head start before the stablecoin market really opens up.

Considering all these, the FED’s omitting any mention of the crucial January 2023 guidance while announcing the rescission of four guidelines is seen as misleading. It hinders banks from offering broader crypto services like custody. In light of this, Long calls for public awareness and legislative action to counter this perceived regulatory bias.

Read more: Federal Reserve Eases Crypto Restrictions, Boosts Bitcoin Adoption

Crypto Startup Theo Raises $20 Million to Expand Retail Access to Institutional Trading

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  • Theo raises $20M to bring institutional-grade trading to retail crypto users.
  • Retail investors can now access advanced trading strategies via Theo’s platform.
  • Theo’s infrastructure bridges traditional finance and decentralized crypto markets.

Crypto trading infrastructure startup Theo completed a $20 million funding round. The round received support from Hack VC and Anthos Capital, with additional participation from various investors, including prominent venture capital firms and individuals from traditional financial institutions like Citadel, Jane Street, and JPMorgan.

The funds will enable the company to fulfill its objective of making sophisticated trading strategies accessible to all investors who were restricted to institutional participation.

Unlocking Institutional-Grade Trading for Retail Investors

The platform was founded by former quant traders Abhi Pingle, Arijit Pingle, and TK Kwon to make institutional-grade trading strategies available to retail users who lacked access to hedge funds and proprietary trading firms. Users can deposit their assets into vaults on the platform, which is built to run specific trading strategies, including high-frequency arbitrage, cross-chain funding rate optimization, and advanced hedging.

Theo’s trading infrastructure operates on a custom low-latency validator set, ensuring fast and secure transactions across centralized exchanges (CEXes) and decentralized finance (DeFi) protocols. The platform enforces margin requirements and maintains system-wide overcollateralization, contributing to its ability to provide professional-level trading strategies to everyday users.

“The current state of the crypto markets is fragmented and inefficient, which prevents both institutions and retail users from fully capitalizing on the benefits of global, permissionless finance,” said Abhi Pingle, co-founder of Theo. “Theo solves this by creating a scalable and robust infrastructure that connects traditional financial players with retail participants on-chain, unlocking new levels of capital efficiency.”

Empowering Trading Firms with Capital Efficiency

Theo’s platform is also designed to benefit institutional trading firms. The platform boosts capital efficiency by allowing firms to utilize user-deposited funds to cross-margin their positions and capture additional returns while providing users with a share of the profits. 

This enables a dynamic approach to creating a beneficial ecosystem by connecting retail investors to an institutional-grade strategy in a seamless and user-friendly manner.

Theo has established a unique position to enable crucial interoperability between mainstream financial markets and decentralized blockchain platforms. With blockchain’s expanding space, the platform innovates in how retail investors can access advanced financial tools and strategies that were once the domain of elite financial institutions.

El Salvador Signs Agreement with Nvidia to Boost Sovereign AI Initiatives

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  • El Salvador collaborates with Nvidia to boost national AI capabilities and innovation.
  • AI partnership with Nvidia aims to improve healthcare, education, and economic growth.
  • El Salvador uses AI initiatives for local talent development and national challenge resolution.

Nvidia partnered with El Salvador through an agreement to launch artificial intelligence (AI) into the country’s development initiatives. The new partnership, announced on, targets numerous sectors across the country, including the economy, education, the environment, and healthcare. 

Through this collaboration, El Salvador established leadership status in AI implementation among developing countries and supports its goal of employing technology for national economic development and innovation.

Strengthening National AI Capabilities

El Salvador gains access to Nvidia’s AI resources and expertise through its initiative. The country also aims to develop AI capabilities that suit its domestic needs, concentrating on fundamental areas like culture, language preservation, environmental management, and economic productivity.

The government plans to establish AI training programs for developers, researchers, and officials to ensure a sustainable talent pool for long-term AI ambitions. El Salvador’s training programs through AI seek to equip the country’s workforce with the skills necessary to address issues peculiar to the country in the areas of better provision of healthcare systems, higher educational outcomes, and more efficient use of resources. 

For instance, this application considers using AI to forecast weather patterns to aid emergency responses, protect vulnerable communities from landslides, and improve hydroelectric power management. These projects demonstrate how AI can be used for national resilience and sustainable development.

Priority for El Salvador

Furthermore, collaborating with Nvidia is part of the country’s broader AI strategy. In March 2025, the government launched a university-level AI program named CUBO_ai, which is supported by key industry figures like Bitcoin advocate Cathie Wood. The aim is to invite the best AI experts to work in El Salvador to help the country build its AI ecosystem. This educational initiative aims to give the government the technical ability to deploy and sustain advanced AI models.

Despite challenges in its operations, the International Monetary Fund imposed restrictions on Bitcoin purchases in March 2025, and El Salvador’s AI projects continued to advance. The country remains committed to building AI-driven and advanced innovative solutions for traditional and emerging technologies.

Expanding AI Infrastructure for the Future

As part of its AI strategy, El Salvador plans to leverage telecom infrastructure to support the development of local AI models. Telecom operators are increasingly seen as key enablers of AI, as they can host data centers equipped with accelerated computing resources to power sovereign AI projects. 

Nvidia has been building “AI factories” that enhance AI models tailored to the local context, including language and cultural norms. The method simultaneously improves national security and performance while preserving control over local data ownership.

OKX Re-enters the U.S. Market with Fresh Leadership After $505M DOJ Resolution

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  • OKX has re-entered the U.S. market with a new CEO and a new crypto wallet that supports over 130 blockchains, with the aim of providing more control and transparency for users.
  • The company has settled with the DOJ for $505 million and has now agreed to comply with U.S. regulations and now includes KYC checks and fraud detection.

OKX is returning to the U.S. with a new crypto wallet for U.S. citizens and a new CEO. The company left the U.S. before but is now coming back slowly with a fresh plan.

The crypto company shared the news of its coming back in a blog post on April 16 and also shared that Roshan Robert, a former director at Barclays, will now lead as the CEO in the U.S. A day before the announcement, on April 15, OKX also shared a press release saying the return includes a new Web3 wallet that people can control themselves and a fresh crypto trading platform.

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OKX Re-enters the U.S. Market with Fresh Leadership After $505M DOJ Resolution 8

The company has also added that it is focusing on improving transparency by publishing monthly reserve reports that are verified by an external firm like Hacken.

OKX New Crypto Wallet Launch for U.S.

OKX has also decided to launch a crypto wallet alongside its exchange for U.S. users. According to the report, the wallet would support over 130 blockchains and offer tools for trading, transferring funds between networks, and exploring NFTs and Web3 dApps. It would also have an AI feature that helps users find trending tokens and projects.

The wallet is designed to give users more control and freedom in the decentralized ecosystem. This relaunch comes after OKX’s settlement with the DOJ in February, where it admitted to operating without a license and agreed to comply with U.S. standards under external monitoring until 2027.

The company has now implemented a full compliance framework, including KYC checks and fraud detection.