Tether has continued to be a major player in the US Treasury market, securing its position as the seventh-largest buyer of these government-backed securities in 2024.
In a March 20 update on X, Tether CEO Paolo Ardoino revealed that the company had acquired $33.1 billion in US Treasuries. This amount exceeds the holdings of nations such as Canada, Taiwan, Mexico, Norway, Hong Kong, South Korea, Germany, and Saudi Arabia.
Despite this milestone, Ardoino noted that the Cayman Islands led global purchases, with over $100 billion in acquisitions. Cayman Islands is followed by France, Luxembourg, Belgium, Singapore, and the United Kingdom.
However, he clarified that holdings from regions like the Cayman Islands and Luxembourg include investments from multiple hedge funds, while Tether’s assets belong to a single entity.
Tether relies on US Treasuries as a cornerstone of its reserve strategy. These government securities are considered among the safest and most liquid assets globally, and they ensure the stability of the company’s USDT stablecoin.
According to Tether’s last quarterly reserve report in December 2024, the firm’s total US Treasury holdings are worth $94 billion. This holding places the stablecoin issuer ahead of most countries regarding its growing role in the global financial system.
Ardoino had previously argued that the substantial Treasuries holdings support US economic influence and play a key role in maintaining the dollar’s dominance in global trade.
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