Finance, Stablecoins, Tether, USDT, U.S. Treasury The agency stated it bought a web $33.1 billion price of U.S. Treasury securities final yr,
Tether, the crypto firm behind the most important stablecoin USDT, stated it will rank because the seventh largest web purchaser of U.S. Treasury securities in 2024 amongst nations.
The agency bought a web $33.1 billion price of U.S. Treasury securities final yr, in keeping with a compilation posted on Thursday by CEO Paolo Ardonio utilizing information from Tether’s reserve reports and the U.S. Treasury Department.
That places the stablecoin issuer above nations like Canada, Mexico and Germany within the rating, whereas Japan and China had been web sellers by considerably decreasing their U.S. Treasury holdings.
The information underscores the case of U.S. greenback stablecoins being a key power of demand within the U.S. authorities debt market. Treasury Secretary Scott Bessent stated earlier this month that crypto and stablecoins are key to protect the U.S. greenback’s world dominance. President Trump echoed the argument on Thursday at a pre-recorded message on the Digital Asset Summit.
Read extra: Crypto Will ‘Expand Dominance of U.S. Dollar,’ Trump Says
Circle’s USDC, the second-largest stablecoin and totally backed by U.S. authorities securities, money and different cash-equivalent belongings, elevated its market capitalization by $19 billion final yr. USDT’s market cap, which is predominantly backed by U.S. authorities securities, grew by $45 billion throughout the identical interval.
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