On March 20, 2024, Tether, the issuer of USDT, revealed it is the seventh-largest buyer of U.S. Treasuries, holding over $33.1 billion. This surpasses countries like Canada and Mexico. CEO Paolo Ardoino noted this excludes hedge fund activity included in figures for entities like the Cayman Islands. Tether's investment in U.S. Treasuries backs its stablecoin, USDT. This growth coincides with increasing stablecoin adoption and potential U.S. legislation by August, according to the Blockchain Association's CEO Kristin Smith, signaling a possible "mid-cycle" phase in the crypto market.
Tether Ranks as Seventh-Largest U.S. Treasury Buyer Amid Stablecoin Adoption Surge
Edited by: Yuliya Shumai
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