Based on March data from the Treasury Department 🇺🇸, Tether is the 19th largest holder of U.S. bonds among countries, more than Germany 🇩🇪 and second only to South Korea 🇰🇷

However, the situation is changing as China 🇨🇳 has sold off US bonds, falling from 869 billion USD to 767 billion USD in the past year. At the same time, Japan 🇯🇵, the country that holds the most public bonds with about 1.2 trillion USD, may need to sell to support the Yen.

Stablecoins like Tether and USDC will likely become important buyers of public bonds. The United States may have to support crypto.