stablecoin issuer Tether recently released its first quarter performance report for 2025, which pointed out that the company holds over $120 billion in U.S. Treasury bonds, with a quarterly profit of over $1 billion. However, data shows that Tether's cash reserves are only about $64 million, accounting for only 0.04% of its total assets, indicating that Tether holds very little cash. In addition, Tether also has $8.8 billion in "secured loans," and it is currently unclear whether Tether has other ways to quickly obtain liquid cash to manage redemptions.