Tether now holds more US Treasuries than the UAE
US Treasury holdings by foreign holder, US$ billion. One stablecoin issuer sits among the nations.
Tether's direct and indirect US T-bill holdings on 30 September 2026.
Where Tether would slot among foreign holders, just behind South Korea at $134.2bn.
Tether's lead over the UAE ($116.1bn). Germany is no longer even in the top 20.
the numbers
| US Treasuries held (bn) | |
|---|---|
| Taiwan | 298.4 |
| Switzerland | 285.8 |
| Singapore | 277.9 |
| Hong Kong | 261.5 |
| India | 219.7 |
| Norway | 214.0 |
| Brazil | 168.4 |
| Saudi Arabia | 141.2 |
| South Korea | 134.2 |
| Tether (stablecoin issuer) | 132.4 |
| United Arab Emirates | 116.1 |
| Bermuda | 111.8 |
source notes & method
Country values are end-August 2026 (TIC, released 16 Oct 2026). Tether's $132.4bn is as of 30 Sep 2026 per its own press release (tether.io, 30 Oct 2026); it includes T-bill-backed overnight reverse repos (~$9.5bn); direct T-bills were $122.84bn per press summaries of the attestation. Dates differ by one month. TIC attributes holdings by the country of the holder or custodian, so it is not a clean measure of sovereign ownership. Tether is incorporated in El Salvador; TIC's El Salvador line ($93.8bn, Dec 2025) likely reflects part of its holdings (interpretation). Germany is outside the TIC top 20 (below $111.8bn) in Aug 2026; it was $103.1bn in Dec 2025. Circle (USDC) left out: no comparable verified Q3 2026 figure.
Published 28 Oct 2026
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