Tether’s $33 Billion T-Bill Buys Outrank Major Global Players

TLDR

• Tether bought over $33 billion in Treasury Bills in 2024.
• According to CEO Paolo Ardoino, the company ranks 7th globally, ahead of many nations.
• The company has still not been audited by a reputable third party, which still raises concerns in the crypto community.

The stablecoin giant Tether was the world’s seventh-largest buyer of US Treasurys in 2024, according to CEO Paolo Ardoino. It’s an achievement that positions the company ahead of some of the world’s biggest economies. 

For a crypto issuer pegged to the US dollar, this move highlights Tether’s growing influence and underscores its role in reshaping the financial landscape.

Why These Figures Matter

If you’re new to crypto, a stablecoin issuer making these kinds of purchases is relevant. Tether acquired over $33.1 billion worth of US Treasury bills (T-bills), putting it ahead of nation-states like Canada, Taiwan, Mexico, Norway, and Hong Kong in global rankings. 

And no, this isn’t just a lucky break or a promotional PR stunt. It’s a deliberate strategy in a high-stakes financial game.

To put this into perspective, the Cayman Islands still hold the throne with over $100 billion in T-bill purchases at the top of the global list. But seventh place for a private stablecoin issuer? For comparison, most countries don’t even crack the top 10.

Source

We love Tether and Paulo. But the guy has always been his own number-one hype man. The figure is impressive, but we don’t know where it came from, nor can we verify its accuracy. So, maybe take the figure with a grain of salt. 

Stablecoins Need Dollars to Back Minting

US Treasury bills are arguably the gold standard for stable investments. And Tether has turned them into huge profits.

What are Treasury Bills? They’re short-term debt securities issued by the US government and are seen as some of the safest and most liquid financial instruments in existence. But here’s what makes Tether’s involvement particularly interesting. Tether uses T-bills as a key backing asset for its flagship US dollar-pegged stablecoin USDt. 

Think of it as the foundation for the stablecoin’s value. When you’re moving billions of dollars in the crypto world, liquidity and safety are necessities. Tether’s T-bill purchases are a power move to keep its stablecoin stays, well, stable.

If we’re being real, this is a total flex. And we don’t hate it. “We’re playing with the big boys now,” seems to be the message Tether is sending.

The Trump Factor and Tether’s Reported Audit Push

Tether’s biggest problem has always been its biggest problem: the lack of a third-party audit.

Tether’s reserves have been a subject of intense scrutiny for years. The company claims its stablecoin is backed by dollar-denominated reserves, but critics have repeatedly questioned the lack of a full financial audit. 

Enter President Trump. With his promise to be a “crypto president” and his push for a strategic cryptocurrency reserve, the winds of change seem to be in Tether’s favor.

Reuters recently reported that Paolo and company were looking for an audit. “If the President of the United States says this is top priority for the U.S., Big Four auditing firms will have to listen,” said Ardoino. Bold words, but only time will tell if they hold weight.

Tether is reportedly in talks with one of the Big Four accounting firms (PwC, EY, Deloitte, or KPMG) for the audit. However, no specifics have been disclosed yet. Ardoino added that this move is a “top priority” for the company.

Real News or Fake News? We Have No Idea

Note: We spent two days looking for receipts for these quotes. Other outlets picked up the story and ran with it. But we couldn’t find any public mention of anything Reuters reported on. No tweets, public interviews, nothing. We aren’t sure where the outlet got their information and how accurate it is.

However. The outlets reporting on it are printing some misinformation. Paulo, at least according to the source article, never claimed Tether was speaking with a Big Four accounting firm for an audit. What he said was: “Auditing firms will have to listen.”

He was also quoted with “It’s a top priority”. 

Ok. What does that mean? That doesn’t really tell us anything.

As far as we can tell, most of the Reuters story is unsubstantiated. But we’re keeping an eye on it to see how it shakes loose. Let’s move on.

Stablecoins in the Spotlight

Tether’s recent achievements come at a time when stablecoins are gaining pretty serious traction. So is the whole crypto industry.

They’ve carved out a unique space in finance as a blend of crypto’s advantages (fast transfers, lower fees) with the stability of traditional currencies. But the road hasn’t been without bumps.

What Tether’s Moves Mean for Crypto Users 

Tether’s actions highlight important market sentiment. So, crypto beginners and enthusiasts immersing themselves in this space should pay close attention. Stablecoins are no longer just convenient tools for quick trades or safe havens during market volatility. They’re becoming key players in global finance.

The move reinforces one lesson for everyone dabbling in crypto: credibility matters. Transparency, stability, and regulatory alignment are increasingly becoming non-negotiable for major players in this industry. And as crypto firms like Tether raise the bar, it pushes the rest of the industry to follow suit. The company’s moves today could shape the stablecoin market of tomorrow, and staying informed is your first step in navigating this evolving landscape.