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Paolo Ardoino, CEO of Tether (CRYPTO: USDT), announced Wednesday that the stablecoin issuer holds more U.S Treasuries than countries like South Korea and Germany.
In an X post, Ardoino revealed that Tether has become the 17th largest holder of U.S. sovereign debt, with $135 billion in treasuries. This places the company ahead of South Korea, Saudi Arabia and Germany.
Ardoino expressed confidence that Tether would soon overtake Brazil, which currently holds about $200 billion in U.S. treasuries, according to data from the Treasury Department.
See Also: How to Buy Tether (USDT)
Tether backs its $183 billion stablecoin by holding reserves of cash and cash equivalents, nearly 80% of which consists of U.S. treasuries.
The company’s exposure to U.S. treasuries climbed to $127 billion in the second quarter, including $105.5 billion in direct holdings and $21.3 billion held indirectly, up from roughly $119 billion in the previous quarter.
The increased exposure comes following the passage of the GENIUS Act, also known as the stablecoin bill. Treasury Secretary Scott Bessent predicted earlier this year that stablecoins could unlock $2 trillion in demand for U.S. treasuries and treasury bills.
Interestingly, Ardoino said in June that Tether has no plans to go public, citing the company's profitability and conservative management as key reasons behind the decision. Tether relocated its operations to El Salvador earlier this year.
The firm’s closeness with the White House has also attracted eyeballs, with reports stating that Tether is among the key donors helping fund President Donald Trump‘s new ballroom project.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
