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The four major USD stablecoin issuers hold more government bonds than South Korea, ranking 17th in the world.
According to reports, the four major USD stablecoin issuers collectively hold approximately $182.4 billion in U.S. Treasury bonds, ranking 17th in the U.S. Treasury's holdings by country, surpassing South Korea and the UAE, and only trailing Norway. Tether showed holdings of $120 billion in Treasury bonds in the first quarter, and its CEO Paolo Ardoino stated at the end of May that this number has exceeded $125 billion. Circle holds $55.2 billion in U.S. Treasury bonds and overnight repurchase agreements, First Digital holds approximately $1.3 billion in Treasury bonds, and Paxos holds about $880 million.