PANews reported on March 21 that according to Cryptoslate, Tether continues to play an important role in the U.S. Treasury market, ranking seventh among the buyers of U.S. 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 leads the world with purchases of more than $100 billion. It is followed by France, Luxembourg, Belgium, Singapore and the United Kingdom. However, he clarified that holdings in regions such as the Cayman Islands and Luxembourg include investments from multiple hedge funds, while Tether's assets belong to a single entity. Tether uses U.S. Treasuries as a cornerstone of its reserve strategy to ensure the stability of the company's USDT stablecoin. According to Tether's latest quarterly reserve report in December 2024, the company's total holdings of U.S. Treasuries are worth $94 billion.
