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# Tether Ascends to Become the 7th Biggest Acquirer of US Government Bonds in 2024
Stablecoin creator Tether has risen to be the seventh-largest acquirer of US Government bonds in 2024, creating a stir in the monetary sphere. Toncoin (TON) Value Forecast for March 26th
Tether’s Chief Executive Officer, Paolo Ardoino, proudly declared on X (previously Twitter) that Tether (USDT) net acquired an incredible $33.1 billion in US Government bonds last year. This remarkable number exceeds the possessions of entire countries like Germany, Canada, and Mexico. Ardoino also emphasized that USDT’s worldwide user base has surpassed 400 million, mostly focused in emerging nations, displaying its widespread acceptance.
According to information from DeFiLlama, USDT controls the stablecoin marketplace with a dominant 62.45% marketplace share as of March 21st. Its total supply is an astonishing $230 billion, with a marketplace capitalization of $143 billion. This overshadows its nearest rival, Circle’s USD Coin (USDC), which holds a $59 billion market cap, making USDT almost three times bigger.
Despite encountering regulatory obstacles in Europe, Tether showed its monetary strength by recording a net income of $13 billion last year. In the fourth quarter alone, the firm issued $23 billion USDT, bringing the total issuance for 2024 to an astonishing $45 billion.
While Tether continues to increase its possessions of US Government bonds, its development in the US marketplace may face difficulties. A proposed stablecoin bill could potentially restrict offshore creators from accessing the US Government marketplace. This could benefit US-based rivals like USDC, potentially putting Tether at a drawback. Nevertheless, Ardoino remains positive about Tether’s role in the US Government marketplace.
During an occasion hosted by the Bitcoin Policy Institute on March 11th, Ardoino mentioned that Tether’s investments strengthen and diversify the US debt marketplace. “We are doing more than anyone else in terms of monetary incorporation,” he stated. “And while we are doing this, we are also purchasing back US debt. If you consider us as a country, we would be the 18th largest holder of US debt.”
Meanwhile, in the United States
The ex-president, Donald Trump, along with Treasury Secretary Steven Mnuchin, has consistently championed stablecoin-friendly policies, highlighting their significance in preserving the U.S. dollar’s global supremacy. During a virtual appearance at the Blockworks Digital Asset Summit on March 20, Trump implored Congress to enact lucid and judicious regulations that would foster institutional acceptance.
