Tether has become one of the largest private holders of American debt, with $114.96 billion in directly held US Treasury bills according to its end-of-June reserve report. The company issues USDT, the world’s largest stablecoin with over 60% market share, and invests much of the money received from token issuances in short-term American government debt. The Trump administration is considering an overseas stablecoin initiative, potentially in partnership with private companies, to extend dollar use and support Treasury demand. The relationship remains asymmetric though: Tether seeks global reach without oversight, while Washington aims to maintain influence and control over the company through its dependence on the American financial system.
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