$USDT remains the largest stablecoin by market capitalization — its figure reaches $185 billion, with 83.11% of reserves placed in US Treasury bonds.
Tether is among the top 20 largest holders of US government bonds. According to Hines, the growth in the number of USDT users and the launch of the legally regulated GENIUS stablecoin USAT could propel the company into the top 10 largest holders of treasuries.
The number of clients is increasing by approximately 30 million per quarter. We intend to increase the share of treasury bonds in reserves to meet GENIUS requirements," he said.
The USAT stablecoin was launched last year for the American market. Its issuer was Anchorage Digital Bank. The market capitalization of the token is around $20 million.