In this ever-changing digital world, an entity named Tether is quietly transforming the landscape of global finance. The stablecoin USDT it issues has reached an astonishing market capitalization of 155.4 billion USD, which is not just a number, but symbolizes a quiet financial revolution.

The core of this revolution lies in Tether's large-scale holdings of US Treasury bonds. Traditionally, the main buyers of US Treasury bonds are sovereign nations, such as Japan, China, or the UK. However, now a cryptocurrency company registered in offshore islands is gradually becoming an important participant in the US Treasury bond market.

Since Tether was first discovered to hold U.S. Treasury bonds in 2021, its holdings have shown astonishing growth. The report from the Financial Stability Oversight Council (FSOC) indicates that by the beginning of 2025, the amount of U.S. Treasury bonds held directly and indirectly by Tether has increased by 571.5%. This rate and scale of growth have placed Tether among the top 20 'creditors' of U.S. Treasury bonds.

The rise of Tether is not just a success story of a single company, but a reflection of the growing influence of the entire cryptocurrency industry. It demonstrates how digital finance can quietly change the global economic landscape without disturbing the traditional financial system.

However, Tether's rapid development has also raised regulatory concerns. As an entity operating outside the traditional financial system, Tether's large scale may have a potential impact on financial stability. At the same time, it provides a potential avenue for those seeking to bypass traditional financial regulations.

Overall, the rise of Tether highlights the increasingly blurred lines between digital finance and traditional financial systems. It not only challenges our conventional understanding of currency and financial systems but also brings new thoughts and challenges to global economic governance. As digital finance continues to evolve, we may need to reassess and adjust existing financial rules and regulatory frameworks to adapt to this rapidly changing digital era.