CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
Mar 20, 2025
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Tether to Become Seventh Largest Net Buyer of U.S. Treasuries in 2024

1 min

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.