Tether Eyes Top 10 T-Bill Buyer Status Amid USDT Growth

Tether expects to become one of the world’s top 10 purchasers of U.S. Treasury bills this year. The projection comes as demand for its flagship USDT stablecoin continues to surge alongside its newly launched USAT token.

Bo Hines, CEO of Tether USA₮ and former White House crypto advisor, made the announcement at Bitcoin Investor Week in New York City. The company currently holds over $122 billion in T-bills within its reserves.

Tether could become 'top 10 T-bill buyer' this year, USAT CEO Bo Hines says https://t.co/EITuSWYPDh

— The Block (@TheBlock__) February 11, 2026

USDT remains the largest stablecoin by market capitalization with approximately $185 billion in circulation. According to Tether’s latest attestation, Treasury bills comprise 83.11% of the company’s total reserves.

This existing position already places Tether among the top 20 T-bill holders globally. The stablecoin giant would rank between Germany and Saudi Arabia on the U.S. Treasury’s foreign holder list.

USDT Customer Base Expands Rapidly

Hines revealed that USDT now serves approximately 530 million customers worldwide. The token launched in 2014 and has maintained steady growth throughout its decade-long existence.

We’re growing at about 30 million a quarter, which is pretty remarkable

Hines stated

The company maintains about $6.3 billion in excess reserves, according to accounting firm BDO. This buffer provides additional security beyond the 1:1 backing requirement for circulating tokens.

Meanwhile, Tether has diversified its reserve holdings beyond government debt. The company now ranks as the thirteenth largest holder of gold globally with approximately 140 tons secured.

Tether’s Treasury bill purchases could accelerate significantly due to its new USAT stablecoin. The token officially launched late last month through Anchorage Bank.

USAT was specifically designed to comply with the GENIUS Act, the U.S. federal stablecoin framework. The legislation mandates that regulated stablecoins maintain full backing with high-quality assets like short-term Treasury bills.

We’re obviously increasing the amount of T-bills we have in our reserves as we move towards this GENIUS compliance standard

Hines explained.

Hines previously served as Executive Director of the White House Crypto Council under President Donald Trump. He reportedly played an instrumental role in shepherding the GENIUS Act through the legislative process.

He stepped down from his White House position in August, shortly after the legislation was signed into law. His transition to Tether followed soon after.

The CEO noted that USDT and USAT will maintain “reciprocity” as interoperable stablecoins. “It’s just Tether at the end of the day,” he added.

Gold Holdings Continue Climbing

Tether has emerged as one of the world’s largest non-sovereign gold holders. A Jefferies report from February detailed the company’s aggressive accumulation strategy.

The stablecoin issuer now holds approximately 148 tonnes of bullion valued at roughly $23 billion. This positions Tether among the top 30 global owners of the precious metal.

Jefferies estimates that Tether holds about 148 tonnes of physical gold worth roughly $23 billion, after buying about 26 tonnes in the last quarter of 2025 and adding another 6 tonnes in January. The gold is used to back USDT reserves and the gold-backed token XAUT, placing…

— Wu Blockchain (@WuBlockchain) February 9, 2026

The company’s quarterly gold purchases exceeded those of most individual central banks during Q4 2025. Only Poland and Brazil acquired more gold than Tether during that period.

Tether added approximately 26 tonnes in Q4 2025 and another 6 tonnes in January alone. The firm’s holdings now exceed those of Australia, the United Arab Emirates, Qatar, South Korea, and Greece.

Following this diversification strategy, Tether has built reserves spanning both traditional government securities and precious metals. The approach provides multiple layers of backing for its growing stablecoin ecosystem.

The company’s dual focus on Treasury bills and gold reflects its commitment to maintaining robust reserves. Both asset classes are considered safe-haven investments in traditional financial markets.