Traditional finance would do well to hang on. Tether, the issuer of the famous USDT, is no longer just the leader in stablecoins: it is becoming an indispensable pillar of American sovereign debt. At the start of 2026, the figures are dizzying and place the company on the same level as the major world powers. We take stock.
The key points of this article:
Tether has dethroned Germany as the holder of US Treasuries.
The USAT stablecoin was designed to comply with American regulations, thus strengthening Tether's position.
Tether dethrones Germany in the US Treasury rankings
It's official: Tether now owns more US Treasury bills (T-bills) than Germany. According to the latest data from the US Treasury, with $122 billion invested in these securities, Tether slips into the Top 20 of foreign holders, between Germany and Saudi Arabia. But the company does not intend to stop there. Speaking at Bitcoin Investor Week in New York, Bo Hinesthe former White House crypto advisor turned CEO of Tether USA₮, dropped a bombshell: Tether plans to become one of the 10 largest global buyers of Treasury bills by the end of 2026. This rise is driven by insolent growth, with around 30 million new users per quarter for USDT.
USAT: The Trojan horse regulated to conquer America
The great driving force behind this ambition is called USED. Unlike historical USDT, this new stablecoin is designed to be 100% compliant with GENIUS Actthe US federal framework voted in 2025 to regulate dollar-indexed tokens. Issued in partnership with Anchorage Bank, USAT requires a reserve composed exclusively of high-quality securities, such as short-term Treasury bills. Bo Hines confirmed:
“We are massively increasing our T-bill reserves to meet this compliance standard.”
A safe that rivals central banks
For skeptics who still doubt the solidity of the giant, another figure closes the debate: Tether is now the 13th largest gold holder in the worldwith approximately 140 tons of precious metal stored in ultra-secure vaults in Switzerland. This war reserve, worth nearly $24 billion, places Tether ahead of many countries' official reserves. Between its dominance over stablecoins, its influence over US debt and its war chest of gold, Tether is no longer just a crypto startup. It is a systemic financial institution whose fall, or success, now dictates part of the global economic balance.