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Tether buys more U.S. Treasuries than Germany

In 2024, the stablecoin issuer Tether invested about $33 billion in U.S. Treasuries.

By Mike Hesp
• 1 min read
Tether buys more U.S. Treasuries than Germany

In 2024, the stablecoin issuer Tether invested about $33 billion in U.S. government bonds. That was revealed by Tether CEO Paolo Ardoino in a post on X.

That makes Tether the seventh-biggest buyer of U.S. Treasuries, behind tax havens like the Cayman Islands, but also countries like France, Luxembourg, Belgium, Singapore, and the United Kingdom.

Germany bought even fewer U.S. Treasuries last year than, for example, South Korea. According to Statista, Germany currently holds about $106 billion in U.S. Treasuries.

Tether says it has about $143 billion in reserves, most of which is invested in U.S. Treasuries. That helps back the peg of their stablecoin, USDT, to the U.S. dollar.

USDT, with a market cap of $143 billion, is the largest stablecoin in the world. Its daily trading volume is a whopping $73 billion—more than twice Bitcoin’s, which sits around $35 billion.

The No. 2 in the stablecoin market is USDC, from Circle. With a market cap of $59 billion, USDC accounts for only about 41% of USDT’s value.

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