Tether overtakes Germany to reach $120 billion in U.S. Treasury holdings, now 19th in the world

Tether, the world's largest stablecoin issuer, has overtaken Germany in its holdings of U.S. Treasury bonds.
During the first quarter of 2025, Tether will hold a total of more than $120 billion in U.S. Treasury bonds and
The figure surpassed Germany's $111.4 billion in cryptocurrency, making it the 19th largest holder among countries and institutions worldwide. Tether revealed the figure through its first quarter certification report, stating that "a conservative estimate is based on the number of cryptocurrencies held by the country."
"This is the result of our reserve management strategy and a milestone in our expanding role as a global dollar liquidity provider."
Tether will also be the largest purchaser of U.S. Treasury bonds in 2024.
It is one of the seven largest foreign investors in the cryptocurrency, outperforming many countries including Canada, Taiwan, Mexico, Norway and Hong Kong. U.S. Treasury bonds are considered one of the safest and most liquid assets in the world, and Tether is one of the largest.
Tether is actively using it as a reserve asset for the stablecoin USDT, which is pegged to the US dollar. In the report, Tether said that its traditional asset portfolio will be the largest cryptocurrency by volume in the first quarter of 2025.
Despite the downward trend in asset markets, the company said it recorded operating profits of over $1 billion, adding, "This was mainly based on investment income from U.S. government bonds, and the performance of gold assets was affected by the volatility of the cryptocurrency market."
It was at a level that almost offset each other."