Tether Surpasses Nations in U.S. Treasury Bill Holdings

According to Paolo Ardoino, Tether’s chief technology officer, Tether has become one of the world’s largest purchasers of United States Treasury bills.

In a social media post, Ardoino emphasized that Tether’s exposure to Treasury bills is currently $72.5 billion.

According to him, the amount positions the stablecoin issuer among the top 22 holders, ahead of countries such as Spain, Mexico, Australia, and the United Arab Emirates.

This development, according to Ardoino, demonstrates the utility of USDT in emerging markets around the world.

According to him, USDT provides communities with a “lifeline to protect themselves” from the rampant inflation of their national currencies.

The executive’s comments were in response to a second social media post highlighting China’s declining ownership of U.S. Treasury bills. According to the report, China is transferring its funds out of U.S. debt and into gold.

Tether’s ownership of billions of dollars worth of T-bills was also disclosed earlier this year by the company. The company released an attestation of reserves for USDT on July 31, stating that it holds up to $3.3 billion in excess reserves for its stablecoin.

In the meantime, Tether continues to expand its influence. Britannia Bank & Trust, a private bank in the Bahamas, was added as a collaborator on August 29 to process dollar transfers on the platform.

In addition to Deltec Bank and Capital Union Bank, the company joins Tether’s roster of banking partners.