According to Foresight News, at Token 2049, Tether CEO Paolo Ardoino said that Tether is 106% backed by reserves and holds excess liquidity. He also mentioned that China had about $3 trillion in U.S. debt 2 to 3 years ago, and about $700 billion today. Today, Tether owns 12% to 13% of China's U.S. Treasury bonds, and in a short period of time, Tether has become one of the largest holders of U.S. Treasury bonds.