Tether, issuer of the stablecoin USDT, has become the 22nd largest buyer of US Treasury bonds with reserves of $72.5 billion.
Paolo Ardoino, the company's chief technology officer, has said:
"$USDt is the most used stablecoin in the world, with a huge focus on emerging markets. For many of these communities USDt is a lifeline to protect themselves and their families from the insane inflation of their national currencies."
He has also made mention of China's declining influence on US Treasury debt. The value of China-owned bonds has fallen by nearly $481 billion.
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At the same time, Tether is even ahead of UAE, Mexico, Australia and Spain in terms of the number of accumulated US bonds.
USDT remains the largest stablecoin in the market.
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Tether has previously reported net earnings of $850 million in the second quarter of the year.