Tether ranks seventh in US Treasury holdings globally

Tether, a major stablecoin company, has become the seventh-largest buyer of U.S. Treasuries globally. This achievement allows it to surpass several large countries such as Canada, Taiwan, and Mexico. Tether has bought over $33.1 billion in Treasuries. In contrast, the Cayman Islands led the rankings with over $100 billion in purchases. Paolo Ardoino, Tether's CEO, stated that while other countries' figures often include hedge funds, Tether’s are from a single entity. The company is investing in U.S. Treasuries to back its US dollar-pegged stablecoin since these government-issued securities are considered safe and liquid investments. This growth comes as stablecoin popularity rises among both investors and U.S. lawmakers. The stablecoin market has surpassed $219 billion, indicating it may still be in a mid-cycle phase, rather than nearing the end of a growth cycle. In related news, U.S. lawmakers are working to finalize legislation on stablecoins and the cryptocurrency market. Kristin Smith, CEO of the Blockchain Association, expressed optimism that rules could be passed by August. This sentiment was echoed by Bo Hines, from the President’s Council of Advisers on Digital Assets, who believes legislation is on the horizon.