The four US stubcoin issuers hold about $182 billion on US Treasury bills, making them 17th in the Treasury league table.
The overnight Treasury cooperative repo and Treasury heavy money market fund amount will place the group between Norway’s $195 billion and Saudi Arabia’s $133.8 billion.
The tether USDT is above the cohort. The first quarter proof showed a $120 billion Treasury Department, with CEO Paolo Aldoino telling CNBC in late May that the company owned “more than $125 billion.” Continuing to expand.
Circle’s May accountant’s report includes a $28.7 billion T-Bill and a $26.5 billion overnight repository.
First Digital’s May 31 dashboard showed FDUSD reserves of $1.665 billion, with 78% of which held on Treasury bills, bringing it to about $1.3 billion.
Paxos’ PayPal USD (PYUSD) uses an overnight reverse REPO agreement secured 97% by the Ministry of Finance. It has been issued $878 million, meaning government debt of approximately $880 million.
The positions reach $182.4 billion, enough to jump over South Korea and the UAE, making Norway shy, according to US Treasury data from April.
Financial paper controls reserves
The publisher will buy short term government debt as it resolves T-Plus-Zero in the clearing bank, providing daily liquidity and currently earns more than 5% yields.
Tether The latest guarantees showed that money market funds exclusively from the Ministry of Finance, Repos and Ministry of Finance represent more than 80% of their collateral. Helping to promote $1 billion First quarter profit.
Circle uses BlackRock’s SEC registered Circle Reserve Fund to retain invoices and reports, allowing same-day liquidation in the event of redemptions.
Ardoino says that when it issues Stablecoins, it “creates progressive demand for US debt without relying on the banking system,” citing Tether’s German, UAE and Spain rankings.
Circle and Paxos have made similar arguments in policy submissions, noting that narrowly distributed, highly liquid collateral protects holders during market stress.
Regulation background
Lawmakers in Washington and Brussels are considering a bill that would limit protected assets to cash and short-term Treasury securities, maintaining its current structure and limiting diversification to gold or corporate bonds.
The Genius Act, which cleared the Senate in June, officially makes these restrictions. At the same time, the market for the European crypto assets (MICA) regime has already banned products from the Euro family.
Stablecoin Treasurers say the proposed rules are in line with the investment profile, but warns that concentration on one asset class links Stablecoin liquidity to the Federal Reserve funding terms.
