Tether has recently disclosed its Q1 performance, and looking at the numbers, they are quite impressive. They recorded a net profit of $1.04 billion, and excess reserves have increased to $8.23 billion. Achieving this level of profit even in a highly volatile market is considered a pretty good performance.

In terms of asset size, the total is approximately $191.7 billion, with liabilities at $183.5 billion, so the difference is quite significant. Tether's reserve structure is also noteworthy, as they hold directly or indirectly around $141 billion in U.S. Treasury bonds, making them the 17th largest holder of U.S. debt worldwide. This likely underpins the stability of USDT.

Another interesting point is that Tether directly holds $7 billion in Bitcoin and $20 billion in physical gold. It seems they are employing a strategy of combining digital assets and tangible assets to form their reserves. Also, as of April, the circulating USDT has increased by over $5 billion compared to the previous month, nearing an all-time high. This could be a sign that global demand for digital dollars continues to grow.