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Gold and U.S. Debt: Will Tether Be a Mega-Holder by 2030?

Published

June 22, 2026 8:46 am

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Visual Capitalist

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  • Jennifer West
  • Abha Patil

The following content is sponsored by Plasma

Will Tether be a Mega-Holder of Gold and U.S. Debt by 2030?

Key Takeaways

  • Tether holds about $117 billion in U.S. Treasuries and 132 metric tons of gold, making it a notable holder of both U.S. debt and gold reserves.
  • Tether’s Treasury holdings could reach $1.4 trillion by 2030, with gold reserves also projected to rise significantly, approaching levels currently held by major countries like Japan and the UK.

Stablecoins like Tether are becoming a larger part of global finance, backed by reserves such as U.S. debt and gold.

This graphic compares Tether’s holdings with those of major countries and explores how Tether’s reserves could grow by 2030. It’s presented by Plasma as part of our Money 2.0 series on the next era of money.

Tether’s Impact on U.S. Debt Markets

Tether currently holds about $117 billion in U.S. Treasuries, still far below what major countries, such as Japan ($1.2 trillion) and the UK ($927 billion), currently hold. However, it has become a major buyer of U.S. debt.

Projections suggest Tether’s holdings could grow under certain scenarios. The following projections make some assumptions:

  1. Stablecoin market cap hits $1.9 trillion (base case) to $4 trillion (bull case) by 2030.
  2. Tether’s market share stays the same at 59%. 
  3. Tether’s share of reserves held in U.S. Treasuries is unchanged at 61%.
Debt Holder Amount of U.S. Treasuries Held
Japan (current) $1.2 trillion
UK (current) $927 billion
Tether (current) $117 billion
Tether (2030 base case) $682 billion
Tether (2030 bull case) $1.4 trillion

Source: Tether, CoinMarketCap, U.S. Treasury, Citi Institute. Data accessed on June 5, 2026.

It’s important to note that Japan and UK figures are current and included as a point of comparison to help gauge the scale of Tether’s holdings. The values don’t reflect their 2030 projections, and their Treasury holdings will likely also increase over time.

Tether’s Gold Reserves vs. Major Countries

Tether’s gold reserves could follow a similar path, with these assumptions:

  1. Stablecoin market cap hits $1.9 trillion (base case) to $4 trillion (bull case) by 2030.
  2. Tether’s market share stays the same at 59%. 
  3. Tether’s share of reserves held in gold is unchanged at 10%.
  4. The price of gold is $5,000 per ounce in 2030.
Gold Holder Amount of Gold Held
Japan (current) 846 metric tons
UK (current) 310 metric tons
Tether (current) 132 metric tons
Tether (2030 base case) 719 metric tons
Tether (2030 bull case) 1,514 metric tons

Source: Tether, CoinMarketCap, World Gold Council, Citi Institute, TheStreet. Data accessed on June 5, 2026.

These projections highlight Tether’s growing presence in both gold and debt markets.

The Next Era of Money: Stablecoin-Powered

As stablecoins like Tether grow, they are becoming a more central part of the global financial system.

The Plasma One app helps people make stablecoins their everyday money. Users can deposit stablecoins, transfer USD₮ across borders for free, and spend in over 180 countries.

Ready for up to 4% cashback and up to 6% earnings on your balance? Get early access to Plasma One.

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