The Wall Street Journal noted in a report published this week that stablecoins backed by the U.S. dollar create demand for U.S. government debt and help prevent the United States from falling into a debt crisis.
In response to this report, Tether CEO Paolo Ardoino posted on X that more than 300 million people around the world use USDT as digital dollars, providing a vital tool for the entire community in developing countries. These ethnic groups are underserved by the banking industry, most remain unbanked, and face high inflation and rapid depreciation of their currencies.
"Stablecoins backed by dollars provide demand for U.S. public debt"$USDt is being used by more than 300M people across the world as the digital dollar, providing a lifeline utility to entire communities in developing countries.These people are underserved by the banking…
— Paolo Ardoino (@paoloardoino) June 14, 2024
In addition, Paolo Ardoino further added that by bringing the stability of the US dollar to emerging markets, Tether has become one of the top three buyers of short-term US Treasury bonds (usually Treasury bonds with a maturity of no more than one year) in the world. At the same time, it ranks among the top 20 global buyers of all types of U.S. Treasuries.
This article The Wall Street Journal stated that stablecoins can help the United States avoid a debt crisis. Tether CEO: We are the third largest buyer of short-term U.S. debt! First appeared in Zombit.