Tether · U.S. Treasury · U.S. · Donald Trump · CryptoSlate
Tether’s $141 billion Treasury pile catches the stablecoin risk now embedded in US debt
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Tether’s $141 billion Treasury exposure has turned the world’s largest stablecoin into an unlikely pillar of America’s debt machine.
Key facts
- By March 2025, 81.5% of Tether's total $149.3 billion in reserves were held in cash, cash equivalents, and short-term deposits, primarily US government debt, with the bulk composed of $98.5 billion
- The GENIUS Act, signed into law by President Trump on July 18, 2025, after passing the Senate 68-30 and the House 308-122, established the first federal regulatory framework for stablecoins in US
- An April 2025 US Treasury report estimated that stablecoins have the potential to drain as much as $6.6 trillion in deposits from the banking system
- Standard Chartered estimated stablecoins could pull roughly $500 billion in deposits out of US banks by the end of 2028, even under current restrictions
Summary
Tether, the company behind the world's largest stablecoin USDT, closed 2025 with total direct and indirect exposure to US Treasuries surpassing $141 billion, making it one of the largest holders of American government debt worldwide. The US government spent years debating whether to ban digital assets like stablecoins, restrict them, or treat them as a fringe curiosity. Then, finally, after over a decade of a legal standstill, it signed legislation designed to make stablecoins part of the US financial system. The GENIUS Act, signed into law by President Trump on July 18, 2025, after passing the Senate 68-30 and the House 308-122, established the first federal regulatory framework for stablecoins in US history.