Tether, the issuer of the world’s largest stablecoin (USDT), held over $122 billion in US Treasury bills by the end of 2025, with total exposure exceeding $141 billion. The company purchased $33.1 billion in Treasury bills in 2024 and $28.2 billion in 2025, ranking seventh among all foreign buyers of American debt. USDT’s market capitalization reached approximately $185 billion, with 83% of reserves allocated to US Treasury bills. Tether generated over $10 billion in profits in 2025, nearly all from yields on its Treasury portfolio. US Treasury Secretary Scott Bessent projected that the stablecoin sector could eventually absorb between $800 billion and $1 trillion in Treasury bills as it scales.
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