The issuer of the largest stablecoin USDT has become the 18th largest holder of U.S. Treasury bonds in the world, surpassing South Korea.
According to Tether's report for the second quarter of 2025, its assets in U.S. Treasury bonds are estimated at $127 billion: $105.5 billion in direct assets and another $21.3 billion in indirect. This is $7 billion more than in the first quarter.
In mid-May, Tether ranked 19th among the largest holders of U.S. Treasury bills, leaving Germany behind. Now the company has surpassed South Korea, whose assets amount to $124.2 billion. Soon, Tether may also overtake Saudi Arabia, which holds U.S. Treasury bonds worth $127.7 billion.
Tether's current assets mean that the company owns a larger volume of U.S. government debt than several developed economies, such as Norway, India, and Brazil. This is an unprecedented position for a private company.
The market capitalization of the stablecoin USDT is also growing. Since the beginning of the year, it has increased by almost 19% to $163.6 billion.
