Tether, the issuer of the largest stablecoin USDT, has become one of the largest holders of US Treasuries, with exposure surpassing $141 billion by the end of 2025. This development positions Tether as the 17th largest holder of US government debt, raising both relief and concern among policymakers. The GENIUS Act, signed into law by President Trump in July 2025, mandates stablecoin issuers to maintain 100% reserve backing with liquid assets, including US Treasuries, potentially embedding stablecoins deeply into the US financial system.
The integration of stablecoins into mainstream finance poses complex challenges, particularly for traditional banks. A US Treasury report estimated that stablecoins could drain up to $6.6 trillion in deposits from the banking system. The GENIUS Act prohibits stablecoin issuers from paying yield directly to holders, a move seen as a concession to banks. However, the systemic risk remains, as the IMF warns that the $305 billion stablecoin market could threaten traditional lending and monetary policy, potentially triggering liquidity crises if confidence in stablecoins falters.
Tether's $141 Billion Treasury Holdings Raise Systemic Risk Concerns
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