Tether Holdings Limited, the issuer of the world’s largest stablecoin USDT, has become the 18th-largest global holder of U.S. Treasury bills with $127 billion in holdings as of Q2 2025.
This significant holding positions the cryptocurrency company ahead of South Korea’s $124.2 billion in Treasurys and just below Saudi Arabia’s $127.7 billion, according to its latest attestation report. The $127 billion portfolio represents a $7 billion quarterly increase from Q1 2025 and includes $105.5 billion in direct U.S. Treasury exposure plus $21.3 billion held indirectly.
Tether previously surpassed Germany’s holdings on May 19, 2025, when it reported $120 billion in T-bills, making it the 19th-largest holder at that time. Concurrently, USDT’s market capitalization surged to $163.6 billion—a 19% year-to-date increase from $137 billion on January 1.
The stablecoin supply expanded by $26 billion in 2025 alone, reflecting accelerating global demand for dollar-backed stablecoins. Tether now holds more U.S. debt than several sovereign nations including Norway, India, and Brazil. CEO Paolo Ardoino declared this growth demonstrates increasing market confidence, stating in the report: “Q2 2025 affirms what markets have been telling us all year: Trust in Tether is accelerating.”
The company’s unprecedented Treasury reserves strengthen perceptions of USDT’s backing and cement Tether’s role in global financial systems.
