TETHER, the cryptographic company behind the largest USDT in Stablecoin, said that it would be ranked as the seventh largest net buyer of the American treasury titles in 2024 among the countries.
The company bought a net value of 33.1 billion dollars in US Treasury titles last year, according to a compilation published Thursday by CEO Paolo Ardonio using data from the TETHER reserve reports and the US Treasury Department.
This places the stablecoin issuer above countries like Canada, Mexico and Germany in the ranking, while Japan and China were net sellers by considerably reducing their US Treasury assets.
Data highlights the case of the stables of the US dollar being a key demand for demand on the American government’s debt market. The Treasury Secretary, Scott Bessent, said earlier this month that the crypto and the Stablecoins are essential to preserve the world domination of the US dollar. President Trump echoes the argument on Thursday during a pre-recorded message during the Digital Asset Summit.
Read more: the crypto “will expand the domination of the US dollar,” said Trump
The USDC of Circle, the second largest stablecoin and entirely supported by the titles of the American government, the species and other assets equivalent in cash, increased its market capitalization by $ 19 billion last year. USDT’s market capitalization, which is mainly supported by US government securities, increased $ 45 billion during the same period.
