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crypto.news 2025-03-21 08:06:38

Tether was the 7th largest buyer of US Treasuries in 2024, surpassing Canada and Mexico

Tether, the issuer of USDT, ranked as the seventh-largest buyer of U.S. Treasury securities in 2024. According to a Mar. 20 post on X by Tether chief executive officer Paolo Ardoino, Tether ( USDT ) purchased a net $33.1 billion in U.S. Treasuries last year. This put it ahead of countries like Germany, Canada, and Mexico. In a separate post, Ardoino also noted that Tether’s global presence has grown rapidly, with USDT adoption surpassing 400 million users, mostly in developing nations. https://twitter.com/paoloardoino/status/1902689997766922318?s=46&t=nznXkss3debX8JIhNzHmzw As of Mar. 21, USDT leads the stablecoin market with 62.45% of the $230 billion total supply, according to DeFiLlama data . USDT’s market capitalization has hit $143 billion, almost three times the market cap of its rival, Circle’s USD Coin ( USDC ), which stands at $59 billion. You might also like: MiCA delivers stablecoins with critical regulatory oversight | Opinion Tether’s financial strength was demonstrated last year when it reported a record $13 billion net profit despite regulatory setbacks in Europe. The company issued 23 billion USDT in Q4 alone, contributing to a total issuance of 45 billion USDT in 2024. https://twitter.com/paoloardoino/status/1885345499600781421?s=46&t=nznXkss3debX8JIhNzHmzw Tether may encounter difficulties in the U.S. despite its expanding acquisition of U.S. Treasuries. A proposed stablecoin bill could limit offshore issuers from accessing U.S. Treasury markets. U.S.-based competitors like USDC may gain from this bill at the expense of Tether. Nevertheless, Ardoino is still optimistic about Tether’s role in the U.S. Treasury market. During a Mar. 11 event hosted by the Bitcoin Policy Institute, Ardoino made the case that Tether’s investments strengthen and diversify the U.S. debt markets. “We’ve done more for financial inclusion than anyone else,” he said. “And while doing that, we’re buying back U.S. debt. If we were a country, we’d be the 18th largest holder of U.S. Treasuries.” Meanwhile, U.S. President Donald Trump and Treasury Secretary Scott Bessent continue to push for stablecoin-friendly policies, stressing their role in maintaining the dollar’s global dominance. Trump, in a Mar. 20 virtual speech at Blockworks’ Digital Asset Summit, urged Congress to pass clear, common-sense regulations to encourage institutional adoption. Read more: EU top-level official says the US stablecoins challenge the EU financial stability, names the remedy

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