Tether became the 22nd largest holder in the world.
China’s US Treasury holdings reached their lowest level in 14 years.
Tether, the stablecoin provider, has revealed that it holds $72.5 billion in US Treasury bonds, surpassing the United Arab Emirates, Mexico, Australia, and Spain. Moreover, Tether became the 22nd largest holder in the world. With this, Tether marks a significant milestone in the crypto market.
On September 4, Wall Street Silver, an investment forum, reported that China’s ownership of the US Treasury has dropped almost $481 billion from its peak level. It was also mentioned that, for many years, experts always doubted that China would dump the US Treasury debt because of the impact on their own economy and currency.
However, According to the chart, China’s US Treasury holdings reached their lowest level in 14 years. China is getting out of US debt, and instead, the country is buying gold. In reply to this tweet, Tether CTO Paolo Ardoino shared that it has reached $72.5 billion in exposure to US Treasury bills.
Tether Becomes the Most Used Stablecoin
Paolo Ardoino also mentioned that with this amount of holding, Tether has surpassed countries including the United Arab Emirates, Mexico, Australia, and Spain. Moreover, the Stablecoin provider has climbed to the 22nd spot among buyers around the globe.
Tether’s CTO also expressed that USDT is the most used stablecoin around the world, with a huge focus on emerging markets. Moreover, for many of these communities, USDT is their lifeline to protect themselves and their families from the instant inflation of their national currencies.
On the other hand, Circle held more than $8.389 in the US Treasury at the end of July, according to Circle’s monthly certification. At the time of writing, the daily trading volume of Tether has experienced a surge of 8.63% in the last 24 hours, according to CoinMarketCap.