Tether, Crypto Company behind the largest stableecoin USDT, said it would rank like the seventh largest net buyer of US Treasury in 2024 among the countries.
The company bought a net of $ 33.1 billion of US Treasury’s securities last year, according to a collection published on Thursday by CEO Paolo Ardonio using Tether’s Reserve Reports and US Treasury Department data.
It puts stablecoin issuer over countries such as Canada, Mexico and Germany in the ranking, while Japan and China were Netto sellers by significantly reducing their US Treasury.
The data emphasizes the case that the US dollar stablecoins are an important demand for the US government debt market. Treasury secretary Scott Bessent said earlier this month that crypto and stableecoins are the key to preserving the US dollar global dominance. President Trump repeated the argument on Thursday at a pre -recorded message at the digital asset meeting.
Read more: Crypto will ‘extend the dominance of the US dollar,’ says Trump
Circle’s USDC, the second largest stableecoin and fully backed by US state securities, cash and other cash equivalent assets, increased its market value by $ 19 billion last year. USDT’s market capital, predominantly supported by US state securities, grew by $ 45 billion over the same period.
