Tether, the company behind the prominent stablecoin USDT, is set to be recognized as the seventh largest foreign net purchaser of U.S. Treasury securities in 2024.

The firm revealed it acquired a net total of $33.1 billion in U.S. Treasury securities last year, indicating a significant trend towards the involvement of U.S. dollar stablecoins in U.S. Treasury government debt trading.

Key Insights:

• Tether’s buying volume surpasses countries such as Canada, Mexico, and Germany, showcasing its growth and influence in the sector.
• President Trump emphasized in a recent statement that “crypto will expand the dominance of the U.S. dollar.”

The growth in U.S. dollar stablecoins has increasingly become a driving factor for demand within the U.S. government debt market. Secretary Scott Bessent previously noted the crucial role of crypto and stablecoins in maintaining the global predominance of the U.S. dollar.

For further reading, see the original article on CoinDesk.