Tether CTO Paolo Ardoino said that stablecoin issuer Tether has become one of the world’s largest buyers of U.S. Treasury bonds.
Ardoino highlighted in a social media post that Tether currently holds $72.5 billion in Treasury bill exposure. That amount puts the stablecoin issuer among the top 22 holders, higher than many countries, including Spain, Mexico, Australia and the United Arab Emirates, he said.
although @Tether_to U.S. treasury bond exposure reached 72.5B, ranking among the top 22 buyers in the world, higher than the United Arab Emirates, Mexico, Australia, Spain…dollar ton is the most widely used stablecoin in the world, with a focus on emerging markets. For many of these communities, USDt is a lifeline… https://t.co/7hC12Nhzdq
— Paul Arduino (@paoloardoino) September 5, 2023
Ardoino sees this development as a testament to the relevance of USDT (USDT) in various emerging markets around the world. According to him, USDT is providing the community with a “lifeline to protect itself” against rampant inflation in the native currency.
The executive’s comments came in response to another social media post highlight China’s share of U.S. Treasuries has fallen. China is getting rid of U.S. debt and shifting funds to gold, the report said.
Earlier this year, the firm also reported that Tether owns billions of dollars worth of treasury bills. On July 31, the company released USDT’s Proof of Reserves, saying its stablecoin holds a whopping $3.3 billion in excess reserves.
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Meanwhile, Tether continues to try to expand its reach. On Aug. 29, it added Britannia Bank & Trust, a private bank in the Bahamas, as a partner to process U.S. dollar transfers within its platform. The company joins Tether’s roster of banking partners, which includes Deltec Bank and Capital Union Bank.
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