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Tether plans to increase its investments in U.S. government bonds, which are utilized to back the USDT and USAT stablecoins. This was announced by Bo Hines, the head of the company’s American division.
USDT continues to be the largest stablecoin by market capitalization, reaching $185 billion, with 83.11% of its reserves held in U.S. Treasury bonds.
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Tether ranks among the top 20 largest holders of U.S. government bonds. According to Hines, the growing number of USDT users and the launch of the legally regulated GENIUS stablecoin USAT could propel the company into the top ten largest holders of Treasuries.
“The number of clients is increasing by approximately 30 million each quarter. We aim to enhance the share of Treasury bonds in our reserves to comply with GENIUS requirements,” he stated.
The USAT stablecoin was introduced last year for the U.S. market, with Anchorage Digital Bank serving as its issuer. The market capitalization of the token is around $20 million.
