Stablecoin issuers hold $80bn US bonds (more than Warren Buffett's Berkshire Hathaway)

Stablecoin issuers such as Tether and Circle now hold $80bn worth of short-term US government debt, highlighting the expanding role of digital asset players in traditional financial markets. Tether and its peers accounted for 2 per cent of the market for Treasury bills — debt instruments that are commonly used as a cash equivalent on corporate balance sheets — as of May, according to research from JPMorgan, more than the proportion owned by Warren Buffett’s investment behemoth Berkshire Hathaway. JPMorgan said the newer issuers had “considerable room to grow should stablecoins become a form of digital payment”.

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