"$238 Billion in Scale" 4 Major Issuers' Holdings Rank 17th Globally, Just Below Norway
Tether Alone Holds $164 Billion... "Cryptocurrency Forces Shaking Up Traditional Financial Markets"
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According to CryptoSlate on the 9th, the total US Treasury holdings of the top 4 stablecoin issuers reached $182.4 billion (approximately 250.4 trillion Korean won). This represents a scale ranking 17th in the US Treasury Department's country-wise treasury holdings ranking.
Tether, the USDT issuer, holds the most US Treasuries. According to its first-quarter audit results, Tether currently holds $120 billion (approximately 164.7 trillion Korean won) in US Treasuries, and CEO Paolo Ardoino revealed that this figure exceeded $125 billion (approximately 171.6 trillion Korean won) by the end of May.
Circle, the USDC issuer, holds $55.2 billion (approximately 75.7 trillion Korean won) in the form of repurchase agreements. First Digital, the FDUSD issuer, and Paxos, the PYUSD issuer, were found to hold $1.3 billion (approximately 1.7 trillion Korean won) and $880 million (approximately 1.2 trillion Korean won) in US Treasuries, respectively.
Financial experts analyzed that "the stablecoin issuers' US Treasury holdings ranking 17th, just after Norway, is evidence that the virtual asset industry's influence is expanding into traditional financial markets."
Meanwhile, stablecoins are digital assets that maintain a 1:1 value with the US dollar ($), and issuers hold safe assets like US Treasuries as collateral to ensure value stability.
Choi Joo-hoon joohoon@blockstreet.co.kr
