Chainalysis or similar reputable blockchain analytics reports

Tether's USDT Grows in EMEA with $5.58 Billion Bitcoin, $3.87 Billion Gold, and $100 Billion U.S. Treasury Holdings

Nov 3, 2024, 07:11 PM

A recent study by Chainalysis indicates that Tether's USDT stablecoin has gained significant traction in Eastern Europe, the Middle East, and Africa (EMEA) from January 1 to October 8, 2024. The data reveals a notable increase in digital wallet activity in cities such as Moscow, Tehran, and Kigali, suggesting a rising demand for USDT in these regions. Amidst this growth, Tether has disclosed its asset reserves, which include $5.58 billion in Bitcoin, $3.87 billion in gold, and approximately $100 billion in U.S. Treasury bonds. This disclosure comes at a time of heightened scrutiny of Tether's operations and its substantial holdings, which are larger than Germany's treasury holdings. The implications of Tether's expanding global presence and its significant asset base have raised questions about its stability and the potential impact on U.S. financial markets.