According to a JPMorgan report, the volume of reserves placed by issuers of “stablecoins” in US Treasury bills has reached $80 billion with a share of 2%.
Tether Limited, Circle and other companies have outperformed Warren Buffett’s Berkshire Hathaway and non-state money market funds on this metric. Data are as of the end of May 2022.
Tether Limited and Circle have earlier promised to replace the part of the stablecoin collateral placed in commercial paper with promissory notes issued by the US Treasury.
According to the report:
“Market confidence in USDT as a stablecoin is slowly eroding, and the events of the past few months have accelerated this momentum.”
The bank’s specialists have said that “excellent transparency and asset quality of USDC reserve assets” is a driver of the trend.
