The four major USD stablecoin issuers hold $182.4 billion in U.S. Treasury bonds, exceeding the scale of South Korea and the UAE.

On July 9, according to CryptoSlate, the four major USD stablecoin issuers collectively hold approximately $182.4 billion in U.S. Treasury bonds. If considered as a whole, this amount would rank 17th among countries holding U.S. debt, surpassing South Korea and the United Arab Emirates, and trailing only Norway. Tether's $USDT accounts for the largest share, with certifications in the first quarter showing holdings of $120.0 billion in Treasury bonds. CEO Paolo Ardoino stated at the end of May that this figure had exceeded $125.0 billion. Circle's $USDC holds $55.2 billion (in Treasury bonds and overnight repurchase agreements), First Digital's FDUSD holds approximately $1.3 billion in Treasury bonds, and Paxos' PYUSD holds approximately $880.0 million. [Deep Tide TechFlow]