Paolo Ardoino, the Chief Technology Officer (CTO) of Tether, has revealed that the company now holds a substantial amount of US Treasury bills, surpassing the holdings of countries such as the United Arab Emirates, Australia, Japan, and Mexico.
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
In a recent post on the platform X (formerly known as Twitter), Ardoino shared that Tether’s current holdings in US Treasury bills stand at $72.5 billion.
Ardoino emphasized the significance of Tether (USDT) in emerging markets, highlighting how the stablecoin can serve as a “lifeline” for communities to protect themselves against the rampant inflation often witnessed in their national currencies.
Stablecoins, including Tether, have demonstrated their importance in the crypto market, with a total circulation of $125 billion as of early September. Notably, major institutions like PayPal have also entered the stablecoin arena.
Ardoino’s announcement regarding Tether’s holdings of T-bills offers reassurance to the crypto community. Treasury bills are short-term debt obligations backed by the United States government, making them an asset equivalent to the stablecoin they represent.
At the time of this report, Tether holds the top position in terms of market capitalization among stablecoins, according to data from the cryptocurrency statistics website CoinMarketCap.
Despite the regulatory uncertainties surrounding the cryptocurrency market, Tether continues to expand its influence as the world’s most widely used stablecoin.
In a noteworthy development just one week prior, on August 29, Tether established a partnership with Britannia Bank & Trust, a private bank in the Bahamas. This partnership allows for the processing of dollar transfers on the Tether platform, further extending the stablecoin’s reach and capabilities.
