Tether beats South Korea as one of the largest U.S. treasury bond holder

Stablecoin issuer Tether has surpassed South Korea within the variety of U.S. treasury bond holders after it issued extra property with whole publicity to U.S. Treasuries. How a lot U.S. debt does the agency maintain?

In response to knowledge from evaluation agency Messari, the Paolo Ardoino-led firm has climbed the ranks and surpassed three sovereign states within the variety of U.S. treasury bonds it holds. On August 1, the agency was capable of surpass South Korea, which at present holds lower than $127 billion in bonds.

In Q2 2025, the USDT stablecoin issuer agency considerably expanded its holdings of U.S. authorities debt, reporting over $127 billion in U.S. Treasuries, together with $105.5 billion in direct holdings and $21.3 billion not directly. This marks an $8 billion enhance from Q1 and boosts Tether’s place as one of many largest holders of U.S. debt globally, rivaling sovereign nations.

Primarily based on Messari’s evaluation, the stablecoin agency stays the one firm on the listing with extra U.S. treasuries than different states talked about on the listing. Other than South Korea, Tether (USDT) additionally holds extra U.S. treasury bonds in comparison with the United Arab Emirates and Germany.

Each nations maintain barely greater than $100 billion in U.S. debt respectively.

Tether turns into the 18th largest holder of U.S. Treasury bonds | Supply: Messari

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Tether’s reserves surpass liabilities in Q2

Other than the milestone in U.S. treasury bonds held, the report additionally confirms that Tether’s reserves exceed its liabilities, with whole property at roughly $162.6 billion versus $157.1 billion in liabilities.

The corporate holds $5.47 billion in shareholder capital as a protecting fairness buffer, reinforcing its monetary power and solvency. Extra importantly, the $127 billion in U.S. Treasuries serves as the primary backing for USD₮, making certain excessive liquidity and low threat for token holders.

Within the second quarter of 2025, USDT’s issuer generated a internet revenue of round $4.9 billion, pushed by revenue from its U.S. Treasury holdings and strategic reserves in Bitcoin (BTC) and gold. Out of the $5.7 billion in whole year-to-date income, $3.1 billion got here from steady recurring income, with the remaining $2.6 billion from mark-to-market beneficial properties.

This monetary efficiency allows the agency to repeatedly reinvest, with $4 billion already deployed in U.S. strategic initiatives, together with initiatives like XXI Capital and Rumble Pockets.

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