Tether becomes one of US Treasury bills’ major holders

Tether’s CTO, Paolo Ardoino, reveals that the company bought more US Treasury bills than the United Arab Emirates, Australia, Japan, and Mexico. In a post on X (formerly Twitter), Ardoino highlights that Tether’s current hold in the US Treasury bills… 

Tether’s CTO, Paolo Ardoino, reveals that the company bought more US Treasury bills than the United Arab Emirates, Australia, Japan, and Mexico.

In a post on X (formerly Twitter), Ardoino highlights that Tether’s current hold in the US Treasury bills is $72.5 billion.

In his tweet, the chief technology officer highlights the relevance of USDT in emerging markets since the stablecoin can provide communities with a “lifeline to protect themselves” against the rampant inflation in their national currencies. 

The stablecoins have proven to hold significant weight in the market, with $125 billion in circulation in early September and large institutions like PayPal releasing their own stablecoins.

Therefore, Paolo Ardoino’s post about holding T-bills acts as a level of reassurance to the community since T-bills are short-term debt obligations backed by the US government and represent an equivalent asset to the stablecoin they represent.

Source : [Tether becomes one of US Treasury bills’ major holders](crypto.news/tether-becomes-one-of-us-treasury-bills-major-holders/) by Sarah Jansen - Tether buys US Treasury bills•crypto.news by Sarah Jansen / September 05, 2023