Tether Owns $72.5 Billion Worth of US Treasury Bills
Tether, a leading digital coin firm, now owns more US Treasury bills than some countries, highlighting the growing impact of digital money in global business.
Tether, a major digital coin company, now owns a huge amount of US Treasury bills worth $72.5 billion. Paolo Ardoino, a top executive at Tether, shared this news. This makes Tether one of the biggest holders in the world, even more than some countries like Mexico and Australia.
Ardoino said that this shows how important Tether's coin, called USDT, is in places where the local money loses value quickly. This news is big especially when China, a huge country, is buying less US debt and looking at gold instead.
Recently, Tether faced a problem. On Aug. 17, its coin, USDT, changed in value more than it should have. This happened when the digital money market lost a lot of value. But Tether is still the biggest "stablecoin", a kind of digital money that should stay stable in price. In one day, people traded more than $50 billion of USDT.
During this market problem, many people chose other stablecoins over USDT. They picked coins like DAI and USDC. Data shows that out of the money in a big digital pool, half was in USDT, and the rest was in DAI and USDC.
With these changes, Tether's big role in the US debt and its power in the digital money world shows that digital currencies are becoming very important in global business.
