The amount of exposure places Tether in the top 22 biggest holders of US Treasury bills, ranking above countries like Spain, Mexico, Australia and the United Arab Emirates.
Stablecoin issuer Tether has become one of the top buyers of United States Treasury bills in the world, according to a post by Tether CTO Paolo Ardoino.
In a social media post, Ardoino highlighted that Tether currently has an exposure of $72.5 billion in US T-bills. The amount places the stablecoin issuer in the top 22 of US T-bills holders, ranking above many countries like Spain, Mexico, Australia and the United Arab Emirates, he said.
While @Tether_to reached 72.5B exposure in US t-bills, being top 22 buyer globally, above United Arab Emirates, Mexico, Australia, Spain, ...$USDt is the most used stablecoin in the world, with a huge focus on emerging markets. For many of these communities USDt is a lifeline… https://t.co/7hC12Nhzdq
— Paolo Ardoino (@paoloardoino) September 5, 2023
Ardoino believes that this development demonstrates the relevance of USDT (USDT) in various emerging markets across the globe. According to the Tether executive, USDT is providing communities a “lifeline to protect themselves" against the rampant inflation in their national currencies.
The executive's sentiments were a response to another social media post that highlighted the lowering rate of China's ownership of US T-bills. According to the report, China is getting out of US debt and is moving its funds into gold.
Tether’s ownership of billions worth of US T-bills was also reported by the company earlier this year. On July 31, the company released a reserves attestation for USDT. According to the report, Tether holds up to $3.3 billion in excess reserves for its stablecoin.
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Meanwhile, the stablecoin issuer is also continuously trying to expand its reach. On Aug. 29, the USDT issuer added a private bank in the Bahamas called Britannia Bank & Trust as a partner, to process dollar transfers within its platform. The company joins Tether's roster of banking partners which include Deltec Bank and Capital Union Bank.
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