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Stablecoin Issuers: More US Treasury bills than Berkshire Hathaway

 


Stablecoin issuers like Tether ( USDT ) and Circle have grabbed a significant share of the US Treasury market, overtaking even big traditional players in the financial market.


As of May 2022, stablecoin providers held a total of $80 billion worth of short-dated U.S. Treasuries, according to an Aug. 16 study by investment bank JPMorgan.


Tether, Circle, and other stablecoin firms accounted for 2P of the total U.S. Treasury bills market, holding a larger share of Treasury bills than Warren Buffett's investment giant Berkshire Hathaway.


According to the data, stablecoin issuers have also outperformed offshore money market funds and primary market money market funds in terms of treasury bill shares.

Treasury bills are considered low-risk assets and are debt securities that companies often use as a cash equivalent on their balance sheets. Earlier this year, Tether set out to buy US Treasury bills while becoming independent of trading papers. 


At press time, USDT's market cap is $67.6 billion. USDC is at $52.4 billion, according to CoinGecko data.


USDC has seen significant growth in terms of market capitalization . At the same time, Tether’s market dominance has been waning since May. "Market confidence in Tether as a stablecoin is gradually eroding. The events of the past few months have further accelerated this momentum," JPMorgan said. According to the bank, the "superior transparency and quality of USD Coin's currency reserves" is one of the main reasons for this change.


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