USDT stablecoin issuer Tether has become the 22nd largest buyer of US Treasuries with $72.5 billion in reserves.
“USDT is the most used stablecoin in the world with a huge focus on emerging markets. For many, the asset is a lifeline to protect themselves and their families from the insane inflation of their national currencies,” said Tether CTO Paolo Ardoino.
The company representative backed up his statement with the news about the reduction of China’s influence on US Treasury debt. According to user wall street silverthe volume of China’s securities in this direction decreased by almost $481 billion.
At the same time, Tether is even ahead of the United Arab Emirates, Mexico, Australia and Spain in terms of the number of accumulated US bonds.
USDT is still the largest stablecoin on the market. According to CoinGecko, its capitalization is $82.8 billion.
Tether previously reported $850 million in net profit in the second quarter. According to the document, 85% of the USDT collateral is cash and cash equivalents.
Recall that in May, Ardoino said that the high profitability of the issuer makes it possible to consider new business areas.
Later it became known that Tether invested $1 billion in a bitcoin mining project in El Salvador.
Analysts at Kaiko drew attention to a slight but steady deviation of the USDT from the US dollar in early August. Experts considered the situation “cause for concern.”
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