Tether Emerges as Significant Buyer of US Treasury Bills, Expands Reach in Emerging Markets
Summary:
Tether, the stablecoin issuer, has become a major buyer of US Treasury bills, with an exposure of $72.5 billion. This highlights Tether's relevance in emerging markets and its role in protecting communities against inflation. Additionally, Tether continues to expand its reach by partnering with a private bank in the Bahamas for dollar transfers.
Tether, the stablecoin issuer, has emerged as a major buyer of US Treasury bills globally, with an exposure of $72.5 billion, according to Tether CTO Paolo Ardoino. This places Tether among the top 22 holders of US T-bills, ahead of countries such as the United Arab Emirates, Mexico, Australia, and Spain. Ardoino believes that Tether's significant ownership of USDT demonstrates its importance in emerging markets, where it serves as a crucial tool for communities to protect themselves against inflation in their national currencies. This development comes as China decreases its ownership of US T-bills and ventures into gold. Tether previously reported its massive ownership of US T-bills in a reserves attestation, where it revealed holding $3.3 billion in excess reserves for its stablecoin. Moreover, the stablecoin issuer is actively expanding its reach, adding Britannia Bank & Trust in the Bahamas as a partner for dollar transfers, joining Tether's existing banking partners like Deltec Bank and Capital Union Bank.
Published At
9/5/2023 1:51:58 PM
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