Tether, the giant name of the cryptocurrency market, has become a strategic power that changes the balances in the global financial system as its circulating supply reaches 185 billion dollars. Bo Hines, CEO of the company’s US subsidiary, announced at Bitcoin Investor Week that the appetite for short-term government debt securities has increased and Tether will soon be one of the world’s top 10 buyers of treasury bills. This development proves that the bond between the digital asset ecosystem and the traditional American debt market is tighter than ever before in history.
Treasury’s New Partner in Reserve Management
The huge liquidity that Tether manages through USDT has placed the company among the top 20 actors of the US debt market, among well-established economies such as Germany and Saudi Arabia. The company, which holds more than 83% of its reserves, approximately 122 billion dollars, directly in US Treasury bills, is rapidly increasing this figure with the 30 million new users it adds every quarter. The total number of users reaching 530 million is considered an indication that the demand for digital dollars has become not just an investment tool but a global payment standard.
When this growth momentum of the company was combined with the rise in global interest rates, a tremendous profit machine emerged. The institution, which made a profit of 10 billion dollars in the first nine months of 2025, created a rare return spread in the financial world by investing the funds issued by users without expectation of interest in high-yield government papers. Zero-cost capital from users has transformed into a source that directly meets the borrowing needs of the American government, reinforcing the macroeconomic impact of cryptocurrencies.
A New Era in the Grip of Regulation and Competition
Wishing to maintain its absolute dominance in the market, Tether launched a new asset called USAT, which is issued through Anchorage Bank and complies with the US GENIUS Act, in order to overcome regulatory pressures. This move aims to reinforce institutional confidence by supporting the accessibility of USDT circulating in global markets with a US-based and fully compatible model. This structure, which requires high-quality asset collateral at a 1:1 ratio, positions the digital dollar not only as a stock exchange instrument but also as a legal financial instrument.
On the other hand, the high profit margins achieved by Tether activate new players in the market and intensify the competition. Examples such as Jupiter’s $JUPUSD project attempt to dethrone the current model by promising to distribute treasury returns directly to users. If yield-sharing models become widespread, Tether’s traditional “zero-cost capital” structure may be challenged. Still, the company’s deep liquidity networks and deep-rooted integration in DeFi platforms continue to keep it as an unshakable bastion of the market for now.
