Tether Now A Top Global Buyer Of US Treasury Bills
According to a recent post by Paolo Ardoino, CTO of Tether, Tether has emerged as one of the top buyers globally of US Treasury bills, with a commanding exposure of $72.5 billion.
The USDT stablecoin issuer now ranks 22nd globally, ahead of countries like the “United Arab Emirates, Mexico, Australia, and Spain.”
According to Paolo Ardoino, this development shows how important USDT is becoming in emerging markets, “providing a lifeline for communities grappling with rampant inflation in their national currencies.” The argument made by Ardoino is supported by Wall Street Silver, which claims that China is shifting its attention away from US Treasury debt and towards gold.
Tether, the largest stablecoin by market cap, experienced a market shakeup on August 17, causing its USDT to deviate from its $1 peg. Despite the downturn, Tether remains the largest stablecoin by market cap, controlling over 60% of the market. Despite the market turmoil, Tether’s trading volume exceeded $50 billion in the past 24 hours, six times higher than its closest competitor, USD Coin.
(With inputs from Shikha Singh)
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