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A few days ago, a startling detail emerged about the US Treasuries market. Corporate reports from Tether, the world’s biggest stablecoin, show that the El Salvador-based group made $28.2bn net purchases of US government bonds in 2025 — making it the seventh-biggest offshore buyer. That beats new purchases from countries such as China. Indeed, the combined gross Treasuries holdings of Tether and Circle (the second-biggest stablecoin group) now easily exceeds those of investors in countries such as South Korea and Saudi Arabia. Yes, really.
This is startling, given that five short years ago, stablecoins…
