USDT Issuer Tether Ranks among the leading foreign buyers of the US Treasury in 2024, Firm says
Tether, the crypto company behind the largest Stablecoin USDT, said it was ranking as the seventh largest net buyer of US Treasury Securities in 2024 in countries.
The firm bought a net $ 33.1 billion worth of US Treasury Securities last year, according to a compilation Na -Post on Thursday by CEO Paolo Ardonio using data from Tether’s Reserve Reports And the US Treasury Department.
It puts the stablecoin provider above countries such as Canada, Mexico and Germany in the ranking, while Japan and China are selling nets by significantly reducing their handling of US treasury.
The data emphasizes the case of US dollar stablecoins as a major demand force in the US government debt market. Treasury Secretary Scott Bescent said this month this month that crypto and stablecoins are key to maintaining the global dominance of the US dollar. President Trump reviewed the argument on Thursday in a pre -recorded message at the Digital Asset Summit.
Read more: Crypto will ‘expand the dominance of the US dollar,’ says Trump
The USDC of the Circle, the second largest stablecoin and fully supported by US government security, cash and other cash equivalent, increased its market capitalization to $ 19 billion last year. The USDT market cap, which is mainly supported by US government security, has grown $ 45 billion at the same time.
