BlockBeats report: On February 13, according to the Financial Times, Tether net purchased $28.2 billion in U.S. Treasuries in 2025, becoming the seventh-largest foreign buyer; its combined Treasury holdings with Circle now exceed those of countries such as South Korea and Saudi Arabia. U.S. Treasury Secretary Scott Bessent views stablecoins as a tool for promoting the dollar and absorbing U.S. debt, expecting the industry's size to grow from the current $300 billion to $3 trillion.
Currently, the banking and cryptocurrency industries are competing over stablecoin regulations. JPMorgan Chase CEO Jamie Dimon and Coinbase CEO Brian Armstrong disagree on the terms. Banks are concerned that allowing third parties to pay interest on stablecoins could cause retail deposits to flow into stablecoins, increasing financial risk. This standoff has also caused divisions among Trump supporters, pitting Wall Street banks against cryptocurrency industry donors.

