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Tether’s Ardoino reports that the company is now a leading purchaser of US Treasury bills, with holdings of $72.5 billion.
According to Tether’s chief technology officer Paolo Ardoino, the stablecoin issuer has emerged as one of the leading purchasers of United States Treasury bills globally.
In a post on social media, Ardoino pointed out that Tether currently holds an exposure of $72.5 billion in Treasury bills. This figure positions the stablecoin issuer among the top 22 holders, surpassing several nations, including Spain, Mexico, Australia, and the United Arab Emirates, he noted.
While @Tether_to reached 72.5B exposure in US t-bills, being top 22 buyer globally, above United Arab Emirates, Mexico, Australia, Spain, …$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 asserts that this trend underscores the significance of USDT (USDT) in various emerging markets worldwide. He stated that USDT is offering communities a “lifeline to protect themselves” against the severe inflation affecting their local currencies.
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The executive’s comments were made in response to another social media update that pointed out the declining rate of China’s holdings of U.S. T-bills. The report indicated that China is reducing its U.S. debt exposure and reallocating its assets into gold.
Tether’s ownership of billions in T-bills was also mentioned by the company earlier this year. On July 31, Tether published a reserves attestation for USDT, revealing it holds up to $3.3 billion in excess reserves for its stablecoin.
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In the meantime, Tether is actively seeking to broaden its influence. On Aug. 29, it partnered with a private bank in the Bahamas named Britannia Bank & Trust to facilitate dollar transfers within its platform. This partnership adds to Tether’s existing banking collaborations, which include Deltec Bank and Capital Union Bank.
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