Tether, the issuer of the USDt stablecoin valued at $143 billion, has become the seventh-largest holder of US Treasurys globally, surpassing several countries including Canada and Taiwan. Tether's acquisition of over $33.1 billion in US Treasurys highlights the growing acceptance of stablecoins among regulators and investors, coinciding with predictions that the current market is still in a mid-cycle phase. Paolo Ardoino, Tether's CEO, pointed out that while Tether ranks lower than the Cayman Islands in total Treasurys purchased, its figures reflect the activity of a single entity, in contrast to other rankings that include various hedge funds. This investment strategy aims to provide additional backing for Tether's dollar-pegged stablecoin, as US Treasurys are regarded as secure and liquid investments. Additionally, discussions regarding legislation to set rules for stablecoins are anticipated to conclude by August, as highlighted at a recent blockchain conference in New York.

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