Tether, the largest stablecoin company in the cryptocurrency space, has become one of the largest buyers of U.S. treasuries as a way of backing the value of the over 140 billion USDT issued. According to data posted by Tether CEO Paolo Ardoino, the company purchased over $33 billion in treasuries in 2024, only falling behind the Cayman Islands, France, Luxembourg, Belgium, Singapore, and the UK. Nonetheless, Tether ranked above other traditional buyers of U.S. debt, including Canada, Taiwan, Mexico, and Norway. Stablecoins had been discussed as a source of support for a potential wane of U.S. debt. Last year, former speaker of the House Paul Ryan remarked that stablecoins could be the source of an “immediate, durable increase in demand for U.S. debt, which would reduce the risk of a failed debt auction and an attendant crisis.”

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