Paolo Ardoino, Tether’s Chief Technology Officer, has disclosed that the company’s investment in US Treasury bills surpasses that of several countries, including the United Arab Emirates, Australia, Japan, and Mexico. In a message shared on platform X (once known as Twitter), Ardoino notes that Tether currently holds $72.5 billion in these short-term US government securities. He also emphasized the crucial role USDT plays in emerging markets by offering a financial “safety net” against high inflation rates.
With a total of $125 billion circulating in stablecoins as of early September, and major organizations like PayPal venturing into issuing their own stablecoins, the significance of these assets in the financial ecosystem is apparent. Ardoino’s announcement regarding Tether’s substantial holdings in T-bills serves as a reassuring message to the community, considering these bills are government-backed and serve as an equivalent asset for the stablecoin they underpin.
As per the latest data from CoinMarketCap, Tether leads the stablecoin market in terms of market capitalization. Even amid ongoing regulatory scrutiny in the cryptocurrency sphere, Tether is widening its influence as the globe’s predominant stablecoin.
Moreover, just a week prior to this, on August 29, Tether partnered with a Bahamian private bank, Britannia Bank & Trust, to handle dollar transactions on its platform.