April 19, 2024
Tether tops nations with $72.5 billion in US Treasury bills.
Latest Cryptocurrency News

Tether Surpasses Nations in US Treasury Bill Holdings with $72.5 Billion Stash

Tether, the stablecoin issuer, has emerged as a major purchaser of United States Treasury bills on a global scale, as highlighted in a statement by Tether’s CTO, Paolo Ardoino.

Ardoino conveyed through a social media post on X that Tether presently holds a significant stake of $72.5 billion in US Treasury bills. This considerable amount positions Tether among the top 22 holders of US Treasury bills, surpassing the holdings of several countries such as Spain, Mexico, Australia, and the United Arab Emirates.

According to Ardoino, this development underscores the growing significance of USDT in various emerging markets worldwide. The Tether executive emphasized that USDT is offering communities a lifeline to shield themselves from the soaring inflation in their respective national currencies. These remarks were made in response to another social media post that drew attention to China’s decreasing ownership of US Treasury bills. According to reports, China is divesting from US debt and reallocating its assets into gold.

Tether’s substantial holdings of US Treasury bills were previously disclosed by the company earlier this year. On July 31st, Tether issued a reserves attestation for USDT, revealing that it holds surplus reserves of up to $3.3 billion to back its stablecoin.

Concurrently, the stablecoin issuer is actively working on expanding its operations. On August 29th, Tether added Britannia Bank & Trust, a private bank in the Bahamas, as a partner to facilitate dollar transfers within its platform. This partnership adds to Tether’s roster of banking collaborators, which already includes Deltec Bank and Capital Union Bank.

Image by freepik

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