Tether, a stablecoin issuer, has become one of the top buyers of United States Treasury bills in the world, according to a post by Tether CTO Paolo Ardoino. Ardoino highlighted that Tether currently has an exposure of $72.5 billion in US T-bills, ranking above many countries like Spain, Mexico, Australia and the United Arab Emirates. He believes that this development demonstrates the relevance of USDT in various emerging markets across the globe, providing communities a “lifeline to protect themselves” against the rampant inflation in their national currencies. Meanwhile, China is getting out of US debt and is moving its funds into gold. Tether also released a reserves attestation for USDT, which holds up to $3.3 billion in excess reserves for its stablecoin. The company is also continuously trying to expand its reach, recently adding a private bank in the Bahamas called Britannia Bank & Trust as a partner, to process dollar transfers within its platform.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇨🇳 🇪🇸 🇲🇽 🇦🇺 🇦🇪 🇧🇸 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | Britannia Bank & Trust, Paolo Ardoino |
| Companies | Capital Union Bank., Tether, Britannia Bank & Trust, Deltec Bank |
| Currencies | Ethereum, Tether, Threshold Network, Bitcoin |
| Securities | None |
