- According to Tether’s CTO, the stablecoin is now the 22nd largest holder of US Treasury bills (T-bills).
- It ranks higher than the United Arab Emirates, Australia, and Mexico.
The Tether USDT is one of the most controversial stablecoins in the crypto industry. They often receive allegations of depegging from many analysts. So, they reached a new milestone in their US Treasury bills holdings, according to Tether’s CTO.
USDT Moves to New Level After New Claim from Tether’s CTO
- Tether USDT is one of the biggest stablecoins in the crypto market. Even in the general market, only tokens like Bitcoin and Ethereum rank ahead of the stablecoin in terms of market capitalization. In fact, regarding daily trading volume, this stablecoin is mostly the number one. This stablecoin reached a new milestone, according to data from Tether’s CTO. So, he said the stablecoin surpassed many other countries in terms of US Treasury bills held.
- On Twitter, Tether’s CTO Paolo Ardoino made a revelation about Tether moving to a whole new level. So, the Tether USDT is now the 22nd largest holder of US Treasury bills (T-bills). The major highlight of this new milestone is that this stablecoin is ahead of many countries in this metric. So, countries like the United Arab Emirates, Australia, and Mexico now rank lower than the USDT in terms of US Treasury bill holdings. This is quite huge for the stablecoin and, at the same time, represents a lot of progress. Previously, there were concrete allegations of USDT depeg.
More Details About the New Milestone According to Tether’s CTO
- The US Treasury bill is a short-term bond issued by the US Treasury Department to raise money to fund infrastructure projects. Furthermore, individuals and organizations can also use it to pay for short-term government needs.
- Going into more detail about the new milestone, one can see that a large part of the Tether market capitalization is under the backing of the T-bills. So, the USDT market cap is more than $82 billion. Around 87% of that capitalization receives its backing from $72.5 billion in US T-bill holdings. In fact, data shows Tether did an excellent job with their growth. They rank only below countries like the Netherlands, Bermuda, and Germany.
Increased Interest in T-Bills
- Tether is going for the T-Bills due to the heightened interest around it. So, Tether’s CTO made another tweet saying that interest in T-Bills made them achieve a massive earning threshold in Q2 of 2023.
- Tether made around $850 million in profits in Q2 2023. So, Tether’s CTO is saying most of the gains came from this new interest in US Treasury bills.
Conclusion
Despite concrete allegations of depegs, Tether is moving to new levels. So, Tether’s CTO is saying they are now the 22nd entity in the world with the most US Treasury bills holdings. This latest milestone from Tether is quite huge, considering they now rank higher than the United Arab Emirates, Australia, and Mexico. Nevertheless, the stablecoin claims they are still committed to more progress.
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