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Tether Ranks Among Top Buyers of U.S. Treasuries in 2024, Firm Says
The firm said it purchased a net $33.1 billion worth of U.S. Treasury securities last year.
What to know:
- USDT issuer Tether said it would rank as the seventh largest foreign net buyer of U.S. Treasury securities in 2024, surpassing countries like Canada, Mexico, and Germany.
- The firm bought a net $33.1 billion worth of U.S. Treasury securities in the previous year, highlighting the growing influence of U.S. dollar stablecoins in the U.S. Treasury government debt market.
- President Trump said on Thursday that "crypto will expand the dominance of the U.S. dollar."
Tether, the crypto company behind the largest stablecoin USDT, said it would rank as the seventh largest net buyer of U.S. Treasury securities in 2024 among countries.
The firm purchased a net $33.1 billion worth of U.S. Treasury securities last year, according to a compilation posted on Thursday by CEO Paolo Ardonio using data from Tether's reserve reports and the U.S. Treasury Department.
That puts the stablecoin issuer above countries like Canada, Mexico and Germany in the ranking, while Japan and China were net sellers by significantly reducing their U.S. Treasury holdings.
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The data underscores the case of U.S. dollar stablecoins being a key force of demand in the U.S. government debt market. Treasury Secretary Scott Bessent said earlier this month that crypto and stablecoins are key to preserve the U.S. dollar's global dominance. President Trump echoed the argument on Thursday at a pre-recorded message at the Digital Asset Summit.
Read more: Crypto Will 'Expand Dominance of U.S. Dollar,' Trump Says
Circle's USDC, the second-largest stablecoin and fully backed by U.S. government securities, cash and other cash-equivalent assets, increased its market capitalization by $19 billion last year. USDT's market cap, which is predominantly backed by U.S. government securities, grew by $45 billion during the same period.
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Euro Stablecoin Market Cap Doubles in Year After MiCA, Study Finds
Prior to MiCA, euro-denominated stablecoins' market cap contracted by 48% in the year leading up to June 2024.
Ce qu'il:
- Euro-stablecoin market capitalization more than doubled in the 12 months after the June 2024 rollout of relevant MiCA regulations, reversing a 48% decline from the prior year.
- EURS, EURC and EURCV saw the strongest gains.
- Monthly euro stablecoin activity jumped US$3.8 billion from US$383 millionand consumer search interest rose sharply across multiple EU countries.
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