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Tether is a MAJOR player in U.S. Debt.
According to the latest data, Tether's $127 BILLION in U.S. Treasury holdings makes it the 18th largest holder globally, just behind Saudi Arabia (as of July 31, 2025)
When you add Circle, the top stablecoin issuers (Tether & Circle) hold ~$155B in T-bills, equaling 2.5% of total U.S. T-bills.
If the USD stablecoin market hits $2 TRILLION in 3 years, these issuers will become key marginal buyers of short-term Treasuries, fundamentally changing the bond market landscape.