Tether becomes the seventh largest holder of U.S. Treasury bonds in 2024, surpassing countries such as Canada and Norway

PANews March 21st news, according to Cryptoslate, Tether continues to play an important role in the US Treasury market and firmly ranks as the seventh largest buyer of US Treasury bonds in 2024. On March 20, Tether CEO Paolo Ardoino updated the news on the X platform, revealing that the company purchased $33.1 billion in U.S. Treasury bonds in 2024. This figure exceeds the holdings of countries such as Canada, Taiwan, Mexico, Norway, Hong Kong, South Korea, Germany and Saudi Arabia.

Despite reaching this milestone, Ardoino noted that the Cayman Islands lead the world with purchases of more than $100 billion. Following closely behind are France, Luxembourg, Belgium, Singapore and the United Kingdom. However, he clarified that holdings in areas such as Cayman Islands and Luxembourg include investments from multiple hedge funds, while Tether's assets are a single entity. Tether uses U.S. Treasury bonds as the cornerstone of its reserve strategy to ensure the stability of the company's USDT stablecoin. According to Tether's latest quarterly reserve report for December 2024, the company's total U.S. Treasury bonds are worth $94 billion.