Tether to Become Seventh Largest Net Buyer of U.S. Treasuries in 2024
Tether, the issuer of the stablecoin USDT, is projected to be the seventh largest net buyer of U.S. Treasury securities in 2024, purchasing a net $33.1 billion in 2023. This positions Tether ahead of countries like Canada, Mexico, and Germany.
Key points include:
- Tether's purchases are based on data from CEO Paolo Ardonio and Tether's reserve reports.
- Japan and China reduced their U.S. Treasury holdings significantly during the same period.
- The demand for U.S. dollar stablecoins is highlighted as a crucial factor in the U.S. government debt market.
- Treasury Secretary Scott Bessent emphasized the importance of crypto and stablecoins for maintaining the U.S. dollar's global dominance.
- Circle's USDC saw a market cap increase of $19 billion last year, while USDT's market cap grew by $45 billion.
