Tether, a type of digital money, now owns a lot of US Treasury Bills. In fact, they own more than some countries like the United Arab Emirates, Mexico, Australia, and Spain. This means they are in the 22nd place when it comes to owning these US Treasury Bills.
Tether, the company behind a big stablecoin called USDT, has a lot of money invested in US Treasury Bills, specifically $72.5 billion. This means they have more of these bills than countries like the United Arab Emirates, Mexico, Australia, and Spain. In fact, they’re ranked 22nd in the world for holding these bills.
Tether Keeps Growing Its T-Bills Holdings
Tether has been increasing its holdings of T-Bills. This is a big jump from the $53 billion they had in March 2023.
Tether is doing this to make sure that USDT, its stablecoin, is backed by very safe reserves. They are also trying to be more open about what they’re doing. In their report for the second quarter of 2023, Tether said they had $3.3 billion in extra reserves, which is $850 million more than before.
USDT is the biggest stablecoin in the world and the third-biggest cryptocurrency. It’s worth $82.8 billion. According to Ardoino, it’s the most popular stablecoin, especially in places that are still developing.
USDT Market Cap Falls as Stablecoin Ecosystem Shifts
USDT, the world’s biggest stablecoin, is seeing a decrease in its market cap as the stablecoin landscape changes. A Bloomberg report, which got information from CCData, says that in August, USDT’s market cap dropped by 1.2% to $82.9 billion.
This is the first time in almost a year that USDT’s market cap has gone down, but it’s still way ahead of its closest competitor, USDC, which lost nearly half of its market cap. The report also says that the entire stablecoin market has been getting smaller for the 17th month in a row, going down by 0.4% to around $125 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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