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The chief executive of stablecoin issuer Tether says that it is now one of the largest holders of US Treasuries in the world, noting that stablecoins will grant hundreds of millions of people access to the US dollar. In a new interview with CNBC Television, Tether CEO Paolo Ardoino says that if the firm were a nation of its own, it would be the 18th-largest holder of US Treasuries in the world. “Well, Tether in 2024 was the fifth-largest purchaser of US treasuries. And if we were a country, right, I mean, we compare ourselves to countries now, and as an overall statistic, Tether is the 18th-largest holder of US treasuries. We have around $125 billion in US treasuries. We are acquiring, that portion of our reserve is increasing… We think the trajectory is also in line with the GENIUS Act so we are very excited to see a stablecoin bill that provides clear guidance.” US Treasuries are debt obligations backed by the US Department of the Treasury that vary...

US Treasury Secretary Scott Bessent says digital assets may create a $2 trillion demand for US Treasuries in the coming years. In an appearance before a Congressional House Committee Tuesday morning focused on the international financial system, Bessent says the US should take a global leadership role on digital assets. “We believe that the United States should be the premier destination for digital assets, and, as members of this committee and the Senate are attempting to do, create good market structure around that so that US best practices are used around the world.” He also says that the crypto market may give US Treasuries a massive demand boost. “Digital assets are an important source of innovation that can drive usage of the US dollar around the world, as with stablecoin legislation. There is speculation that there may be up to $2 trillion of demand over the next few years for US government securities from digital assets.” Last mon...