The issuer of the largest stablecoin USDT has become the 18th largest holder of US Treasury bonds in the world, surpassing South Korea.

According to Tether's report for the second quarter of 2025, its assets in US Treasury bonds are estimated at $127 billion: $105.5 billion in direct assets and another $21.3 billion in indirect ones. This is $7 billion more than in the first quarter.

In mid-May, Tether ranked 19th among the largest holders of U.S. Treasury securities, leaving Germany behind. The company has now surpassed South Korea, whose assets amount to $124.2 billion. Soon, Tether may also overtake Saudi Arabia, which holds U.S. Treasury bonds worth $127.7 billion.

Tether's current assets mean that the company owns a larger volume of US government debt than several developed economies such as Norway, India, and Brazil. This is an unprecedented situation for a private company.

The market capitalization of the USDT stablecoin is also growing. Since the beginning of the year, it has increased by almost 19% to $163.6 billion.

The second quarter of 2025 confirms the fact that the markets have been telling us all year — trust in Tether is growing, — said Tether CEO Paolo Ardoino.