Tether Holds $141B in US Treasuries — Stablecoins Are Now Structural to American Debt Markets!

Tether closed 2025 as the 17th largest holder of US government debt worldwide and the largest non-sovereign holder, with total direct and indirect Treasury exposure surpassing $141 billion. The figure is a product of its own mechanics: every USDT issued represents a dollar collected and reinvested, with 81.5% of Tether's $149.3 billion in reserves sitting in cash equivalents and short-term government debt as of March 2025 — including $98.5 billion in direct T-bills and $15.1 billion in overnight repo.

The GENIUS Act, signed by President Trump on July 18, 2025 after clearing the Senate 68-30 and the House 308-122, institutionalizes this dynamic across the entire stablecoin sector. Its 100% reserve mandate effectively hard-wires a perpetually growing source of Treasury demand into US sovereign debt markets.