Report: Stablecoin issuers placed $80 billion in U.S. government bonds

The volume of placed by the issuers of “stable coins” in the U.S. Treasury bills of reserves reached $80 billion with a share of 2%. It writes Cointelegraph with reference to the report of JPMorgan.

According to this indicator Tether Limited, Сircle and other companies are ahead of Warren Buffett’s Berkshire Hathaway and money market funds (except government).

The figures are as of the end of May 2022.

Earlier, Tether Limited and Сircle promised to replace the placed in the commercial paper part of the security of stabelkoin issued by the U.S. Treasury bills.

“Market confidence in the USDT as a ‘stable coin’ is gradually weakening, and the events of the past few months have accelerated this dynamic,” the report said.

Bank specialists cited the “excellent transparency and quality of USDS reserve assets” as the driver of the trend.