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Jamie Dimon, the CEO of JPMorgan, said his bank will soon allow its clients to buy Bitcoin, but it won’t custody the cryptocurrency.

“We are going to allow you to buy it,” Dimon said at JPMorgan’s annual investor day on May 19. “We’re not going to custody it. We’re going to put it in statements for clients.”

CNBC reported that Dimon also remarked on his long-held skepticism about crypto assets, pointing to their use in money laundering, sex trafficking and terrorism.

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said.

Michael Saylor comments on Dimon’s announcement. Source: Michael Saylor

JPMorgan will offer clients access to Bitcoin (BTC) exchange-traded funds (ETFs), CNBC reported, citing sources familiar with the situation. Until now, the firm has limited its crypto exposure primarily to futures-based products, not direct ownership of digital assets.

Update (May 20, 3:17 am UTC): This article has been updated to add statements from senators and information on the GENIUS Act.

The US Senate has voted to advance a key stablecoin-regulating bill after Democratic senators blocked an earlier attempt to move the bill forward over concerns about President Donald Trump’s sprawling crypto empire.

A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 19 local time.

Several Democrats, including Mark Warner, Adam Schiff and Ruben Gallego, changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.

Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.

Anza, a Solana blockchain infrastructure firm spun out of Solana Labs, has proposed a new proof-of-stake consensus called Alpenglow that it claims would be “the biggest change to Solana’s core protocol” and compete with current internet infrastructure.

“We believe that the release of Alpenglow will be a turning point for Solana. Alpenglow is not only a new consensus protocol, but the biggest change to Solana’s core protocol since, well, ever,” Anza’s Quentin Kniep, Kobi Sliwinski and Roger Wattenhofer said on May 19.

Alpenglow consists of Votor, which processes voting transactions and block finalization logic, and Rotor, a data dissemination protocol that would replace Solana’s proof-of-history timestamping system and aim to reduce the time it takes for all nodes to agree on the network state.

Source: Anza

Anza researchers claimed that “Alpenglow will shatter both these latency bounds” and the project expects it to reach actual finality in about 150 milliseconds, rivaling internet infrastructure.

“A median latency of 150 [milliseconds] does not just mean that Solana is fast — it means Solana can compete with Web2 infrastructure in terms of responsiveness, potentially making blockchain technology viable for entirely new categories of applications that demand real-time performance.”

Votor — which would replace TowerBFT — would aim to finalize blocks in a single round if 80% of the stake is participating, and in two rounds if only 60% of the stake is responsive.

Key takeaways:

Bitcoin’s Sharpe ratio converges with gold’s, indicating similar risk-adjusted returns, supporting its store-of-value role.

Gold outperformed Bitcoin in Q1 2025 with a 30.33% price gain versus Bitcoin’s 3.84%, driven by economic uncertainty.

Bitcoin ETF inflows are recovering, and analysts predict BTC could reach $110,000–$444,000 in 2025.

Bitcoin’s (BTC) price is holding above $100,000, leading Fidelity Director of Global Macro, Jurrien Timmer to say the crypto asset could reclaim its position as a leading store-of-value contender. 

Key takeaways:

Bitcoin onchain and technical data suggest new all-time highs are imminent.

Glassnode data shows most Bitcoin wallet cohorts accumulating BTC.

A daily timeframe bearish divergence signals fading momentum, raising doubt on BTC’s ability to rally into the $120,000 to $130,000 range.

Bitcoin (BTC) price rallied back above $105,000 during the US market trading session, after forming a double bottom pattern in the 1-hour chart.

The US Department of Justice is reportedly conducting a probe over Coinbase’s contracted customer service agents in India, who accepted bribes in exchange for allowing criminals access to user data.

According to a May 19 Bloomberg report, DOJ investigators are looking into the data breach, which Coinbase disclosed to the public on May 15. The exchange reported that a group of customer support contractors — subsequently fired — “abused their access to [...] systems to steal the account data for a small subset of customers.”

“We have notified and are working with the DOJ and other US and international law enforcement agencies and welcome law enforcement’s pursuit of criminal charges against these bad actors,” said Coinbase’s chief legal officer, Paul Grewal, according to Bloomberg.

Related: New Zealand man arrested in $265M crypto scam tied to FBI probe

Though “no passwords, private keys, or funds were exposed” according to Coinbase, the data breach resulted in social engineering attacks targeting users, including a Sequoia Capital partner, with losses estimated at up to $400 million. The attackers also attempted to extort $20 million from Coinbase in exchange for not disclosing the breach, which the company refused.

On May 22, US President Donald Trump is expected to host up to 220 people who had purchased the most significant quantities of his memecoin at a private event in Washington, DC.

Though the exact number of attendees was unknown as of May 19, reports and blockchain data have revealed some of the tokenholders who qualified to apply for the May 22 dinner and “VIP tour” and reception, presumed to be in the White House. Bloomberg reported on May 7 that more than half of the 220 wallets were likely controlled by foreign nationals.

Among the memecoin dinner applicants, who likely still face background checks ahead of getting a confirmed appearance before the president, included Synthetix founder Kain Warwick, a consultant named Vincent Deriu, and crypto user Morten Christensen, who reportedly only paid $1,200 for the opportunity.

Others included a World Liberty Financial adviser going by the pseudonym “Ogle,” and a representative from the Singapore-based startup MemeCore. Cointelegraph has also learned that Vincent Liu, chief investment officer of the Taiwan-based company Kronos Research, plans to attend.

Trump’s memecoin, even before the announced dinner and reception, was criticized by many members of Congress.

Circle, the issuer of stablecoin USDC (USDC), is still planning an initial public offering (IPO), but the company is also in informal talks with Ripple and Coinbase about a sale, according to a report from Fortune.

Circle is seeking at least $5 billion, which is its target for the IPO, according to the four banking and private equity sources Fortune cited. Ripple tried to purchase Circle on April 30, but the $4 billion to $5 billion bid was rejected as being too low.

If Ripple or Coinbase were to buy Circle, the details of a purchase would differ. Ripple would pay using cash and XRP (XRP), a cryptocurrency that Ripple created. Coinbase, on the other hand, would use cash and stock.

Coinbase and Circle have a relationship dating to 2018, when they launched the Centre Consortium. That venture was meant to establish standards for fiat-backed stablecoins, including USDC. Coinbase also has an agreement with Circle to put USDC onto its exchange.

Circle filed for an IPO on April 1 with a goal to complete the process by the end of that month. The company backpedaled slightly on April 4, indicating it might delay its IPO due to economic uncertainty.

Key takeaways:

Bitcoin buying in the spot and futures markets helped BTC price keep its upward momentum despite $170 million in margin liquidations.

Weak stablecoin demand in China and the limited use of futures leverage suggest Bitcoin’s current rally is sustainable.

Bitcoin (BTC) price has displayed strength at the $102,000 support level on May 19, following the $170 million in liquidations of leveraged positions. The abrupt $5,000 correction after hitting $107,090 may have been unexpected, but it does not mean the odds of reaching an all-time high in the near term are lower, especially since Bitcoin derivatives metrics have shown resilience.

Bitcoin 1-month futures annualized premium. Source: laevitas.ch

The annualized one-month futures premium for Bitcoin remained close to 6% despite the retest of $102,000 support. This current level is within the 5% to 10% neutral range, which has been the norm over the past week. While at first glance such data might suggest a lack of optimism, at the same time, it proves that the buying pressure is coming from the spot market rather than from leveraged bets.

Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and other cryptocurrencies, the Canadian biotechnology company said. 

The buys take Quantum’s total cryptocurrency holdings to approximately $4.5 million, according to a May 19 press release. The biotech company plans to stake a portion of its crypto to generate revenue. 

Quantum expects that holding a treasury of Bitcoin (BTC) and other crypto assets will “provide a return on investment for shareholders and […] provide some hedge against the Canadian dollar,” it said. 

Shares of Quantum’s stock, QNTM, rose by approximately 25% following the announcement, according to data from Google Finance. 

Quantum Biopharma’s stock rose on the announcement. Source: Google Finance

Related: Basel Medical shares down 15% on $1B Bitcoin buying plans

In one of his first speeches since becoming chair of the US Securities and Exchange Commission (SEC) in April, Paul Atkins addressed some of the regulatory concerns around the cryptocurrency industry.

In prepared remarks for a May 19 speech, Atkins said it was a “new day” for the crypto industry under the current leadership of the SEC. He suggested that the financial regulator would be more open to “adapt to and accommodate new developments” while still abiding by its statutes.

“The crypto markets have been languishing in SEC limbo for years,” said Atkins, adding:

“While I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto, the staff continue to ‘clear the brush’ through staff-level statements.”

Even before Atkins stepped into the role of SEC chair, the commission’s actions under Donald Trump suggested that it would radically depart from the direction of former chair Gary Gensler. In 2025, the SEC has dropped several investigations and enforcement actions against crypto companies and issued guidance on memecoins and security tokens.

Related: CFTC commissioner to leave agency on May 31

Crypto.com and asset manager Canary Capital are launching a US investment fund designed to provide exposure to the Cronos blockchain’s native token, CRO, the cryptocurrency exchange said in a statement.

The Canary CRO Trust will hold the Cronos (CRO) token in a regulated fund wrapper, Crypto.com said, adding that the trust is not an exchange-traded fund (ETF) and is only available to accredited investors. 

Creating regulated funds such as CRO Trust is part of Crypto.com’s plan for “further mainstreaming crypto,” Eric Anziani, president and chief operating officer of Crypto.com, said in a statement.

In March, the crypto exchange partnered with Trump Media & Technology Group, a company affiliated with US President Donald Trump, to launch a series of Trump-branded ETFs, including one holding CRO.

The Trump Media ETFs are still awaiting approval from the US Securities and Exchange Commission (SEC), which has not yet authorized any CRO ETFs for US trading, Crypto.com said.

Key points:

Bitcoin’s rejection at $107,000 shows sellers are active at higher levels, but the recovery from the intraday low shows solid buying.

Strategy and Metaplanet continue to accumulate Bitcoin, adding steady buy-side pressure to BTC price. 

Select altcoins have pulled back, but they have not yet turned negative.

Bitcoin’s (BTC) attempt to challenge the all-time high faced a strong rejection near $107,100 on May 19, signaling that the bears are unlikely to give up without a fight. However, the long tail on the candlestick shows solid buying at lower levels.

Before discovering Bitcoin (BTC), Ledn co-founder Mauricio di Bartolomeo found success shorting the Venezuelan Bolivar as it rapidly lost value against the stronger US dollar. Now, with the US dollar depreciating against Bitcoin, borrowing against Bitcoin instead of selling it has become a more viable strategy.

“Prior to Bitcoin, my most successful investment was shorting the Bolivar with dollars,” di Bartolomeo told Cointelegraph in an exclusive interview at the Consensus conference in Toronto, Canada. 

“I was borrowing Bolivars and buying dollars with them, holding the hard dollars and having a borrow [position] on the weaker currency,” he said.

The arrival of Bitcoin-backed loans means investors can now effectively implement the same strategy by using a harder currency as collateral. 

Ledn co-founder Mauricio di Bartolomeo, right, and Cointelegraph’s Sam Bourgi at Consensus. Source: Cointelegraph

This was part of the motivation behind launching Ledn, a Cayman Islands-based company that gives Bitcoin holders the ability to access dollar liquidity without having to sell their BTC. 

Ripple, the creator of cryptocurrency XRP (XRP), launched cross-border blockchain payments in the United Arab Emirates (UAE), a development that could spur the adoption of cryptocurrency in a country receptive to digital assets.

Zand Bank, the UAE’s first all-digital bank, and Mamo, a fintech company that offers a digital payment platform for businesses, will be the principal users of the blockchain payments system, according to a May 19 Ripple announcement.

Zand Bank and Mamo will use “Ripple Payments” to facilitate cross-border blockchain payments.

Ripple Payments is a platform that combines stablecoins, cryptocurrency, and fiat to enable payments and quick settlement times, a feature of Web3 that cross-border traditional finance payment systems often lack. Ripple was licensed to offer crypto payments by the Dubai Financial Services Authority (DFSA) in March.

Reece Merrick, Ripple’s managing director for the Middle East and Africa, said acquiring this license “enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs.”

Key takeaways:

Bitcoin recovered from its sharp sell-off from $107,000, suggesting it functions as a hedge against uncertainty for investors reacting to Moody’s recent downgrade of US debt.

Moody’s downgraded the US credit rating to Aa1, citing a $36 trillion debt and rising deficits, causing market turbulence and a spike in US Treasury yields.

Despite short-term pressure from macroeconomic shifts, Bitcoin’s long-term outlook remains bullish due to cautious shorting and a weakening US dollar.

Bitcoin (BTC) price faced a sharp 4% correction during the Asian trading session on May 19, tumbling from an “important level” as noted by Glassnode. The data analytics platform indicated that Bitcoin’s surge stalled just below $106,600, a critical level where 31,000 BTC are held. This supply cluster, formed on Dec. 16, 2024, reflects firm holder conviction, as investors have neither sold nor averaged down despite price fluctuations.

Key points:

BTC price action retargets $105,000 after the Wall Street open, rising 2.5% from the day’s lows.

Volatility continues, leading market participants to varying conclusions over what will happen to BTC/USD next.

Perspectives include the Bitcoin bull market being in its final stages.

Bitcoin (BTC) sought a rebound from a 4% dive at the May 19 Wall Street open as traders diverged on bull market strength.

Kazakhstan, the Maldives and Pakistan have recently outlined ambitions to position themselves as crypto hubs and build out their digital economies.

Historically, these countries haven’t been top of mind for global crypto firms — though Kazakhstan did have a brief moment in the spotlight as a go-to destination for Bitcoin (BTC) miners after China’s mining ban.

Meanwhile, established financial centers are now in a race to become the world’s leading crypto hub by finding the right balance of regulation, talent, capital and infrastructure.

Here’s how five of them are backing their crypto dreams.

Singapore is the crypto hub with parental guidance

Singapore has long stood out as a financial hub, bolstered by its AAA credit rating, low corporate tax rates and pro-business regulations. With the emergence of digital assets, the Lion City is among the front-runners in the crypto hub race.

Opinion by: Darius Moukhtarzadeh, Research Strategist at 21Shares

A new wave of crypto fundraising is emerging, changing how Web3 projects launch and who can invest at an early stage: Community Sales. At first glance, community sales may seem reminiscent of the ICO (Initial Coin Offering) era from 2016–2017. Yet, they represent a significant evolution that better aligns with crypto's core values of democratization, transparency, and inclusivity.

Projects should include community sales as a core element of their fundraising strategy, besides raising from angel investors and VCs. Professional investors should embrace community sales as they highly increase the chances of sustainable success of Web3 projects. 

The ICO era

The original ICO boom promised broad retail participation and democratized investment opportunities previously reserved for well-connected insiders. The lack of clear regulatory frameworks led to widespread fraud, rug pulls, and market manipulation. This chaotic environment, rampant exploitation, and regulatory uncertainty eventually forced projects to abandon ICOs, shifting instead to private rounds accessible to well-connected angel investors and venture capitalists. 

Private funding problems

While private funding initially brought much-needed stability and credibility, it also introduced new problems. Over the past two years, many tokens have launched at excessively high FDVs (Fully Diluted Valuation) with a low circulating token supply. These tokens entered exchanges with the majority of supply locked and sky-high valuation, which did not meet the demand. Retail investors, attracted by initial hype, often became collateral damage. The result? Devalued tokens and damaged trust. Most of these tokens will most likely never recover. This market dynamic discouraged investments in new projects and undermined community-building efforts, weakening the overall sustainability of Web3 projects.

Chinese printer manufacturer Procolored distributed Bitcoin-stealing malware alongside its official drivers, according to local media reports.

Chinese news outlet Landian News reported on May 19 that Shenzhen-based printer company Procolored has been distributing Bitcoin-stealing (BTC) malware alongside official drivers. The company reportedly used USB drivers to distribute malware-ridden drivers and uploaded the compromised software to cloud storage for global download.

A total of 9.3 BTC worth over $953,000 have been stolen, according to the report. Crypto tracking and compliance firm Slow Mist described how the malware operates in a May 19 X post:

“The official driver provided by this printer carries a backdoor program. It will hijack the wallet address in the user’s clipboard and replace it with the attacker's address.“Source: MistTrack

Related: Massive supply chain attack targeting small number of crypto companies: Kaspersky

YouTuber flags malware in Procolored drivers

Landian News recommended users who downloaded Procolored printer drivers in the past six months to “immediately perform a full system scan using antivirus software.” Still, given the hit or miss nature of antivirus software, a full system reset is always the better option when in doubt:

Franklin, a hybrid cash and crypto payroll provider, is launching a new initiative that aims to turn idle-sitting payroll into an opportunity for yield.

The new solution, dubbed Payroll Treasury Yield, uses blockchain lending protocols to help firms earn returns on payroll funds that would otherwise sit idle, the company told Cointelegraph in an exclusive statement.

Franklin said its new offering integrates Summer.fi, a decentralized finance (DeFi) lending platform, to allow companies to deposit stablecoin-denominated payroll reserves into smart contract-based lending pools.

These funds are lent to vetted borrowers, and companies earn yields while retaining access to their capital. Companies maintain full custody throughout the process, and smart contracts used are audited to reduce risk.

“The problem that Franklin solves for is two-fold,” Megan Knab, founder and CEO of Franklin, told Cointelegraph. For companies that have already integrated crypto onto their balance sheets, Franklin helps them use those assets to manage their operations, she said.

The Cardano Foundation is preparing to release an audit report on its treasury holdings after fresh allegations surfaced claiming misappropriation of roughly $600 million worth of ADA tokens.

Cardano founder Charles Hoskinson is facing renewed scrutiny from community members, including non-fungible token artist Masato Alexander, who alleged that Hoskinson manipulated the Cardano ledger using a “genesis key to rewrite it and take control” of $619 million worth of Cardano (ADA) during the network’s 2021 Allegra hard fork.

Source: Masato Alexander

Related: Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M

A secondary, “Move Instantneous Rewards” transaction dated Oct. 24, 2021, shows a transfer of over 318 million ADA tokens, which enabled the funds to flow from reserve pools into staking or treasury allocations.

318 million ADA MIR transactions. Source: Cardanoscan

However, ADA redemptions stayed open for another three years after the transaction, responded Hoskinson, adding that the “vast majority of that 350 million ADA was redeemed by the original buyers,” a process that took a total of seven years.

Understanding a Bitcoin liquidation map is imperative in dealing with the inherent volatility of the crypto market. The visual tool showcases probable liquidation levels, indicating where large orders may cause cascading price changes. 

This post explores how to interpret a Bitcoin liquidation map, allowing you to trade smarter in the volatile world of cryptocurrency.

What is liquidation in crypto trading?

In cryptocurrency trading, liquidation happens when an exchange forcefully closes a trader's leveraged position due to insufficient margin to pay losses. This usually occurs when the market moves sharply against the position. 

Long liquidations occur when prices fall, affecting traders who bet on an uptrend. Short liquidations happen when prices unexpectedly rise, impacting those who bet on a decline. 

Did you know? In crypto, a single liquidation cascade can wipe out millions in minutes, triggered not by hacking but by traders using too much leverage at the wrong time.

Strategy, formerly MicroStrategy, the top corporate Bitcoin holder, acquired nearly $765 million of Bitcoin last week. The purchase came as the company faced a class-action lawsuit.

According to a May 19 announcement, Strategy acquired 7,390 BTC for about $764.9 million at an average price just under $103,500. Strategy reported a Bitcoin yield of 16.3% year-to-date. Strategy executive chairman Michael Saylor made his usual hint at the purchase in a May 18 X post.

Source: Michael Saylor

According to a May 19 filing with the US Securities and Exchange Commission (SEC), the company was also the recipient of a class-action lawsuit. The suit accuses Strategy officials of having failed to represent the nature of Bitcoin investments accurately.

As of May 18, Strategy holds 576,230 BTC acquired for around $40.2 billion at an average price of $69,726 per coin. At current prices, the company’s total holdings are valued at more than $59.2 billion, representing an unrealized gain of $19.2 billion, or 47%.

According to CoinMarketCap data, Bitcoin traded at around $102,615 at the time of writing, up 20.3% over the last month.

Key takeaways:

XRP could be headed down to $2 following a breakdown of a classic head-and-shoulders pattern.

Declining open interest in XRP futures signals weakening trader confidence.

The XRP (XRP) price is flashing warning signs as a bearish technical pattern resolves on lower timeframes, coinciding with massive long liquidations and decreasing open interest.

XRP H&S pattern hints at a 14% price drop

XRP price action has formed a head-and-shoulders (H&S) pattern on its four-hour chart since May 9, projecting a likely down-move.

A court decision in Australia could open the door to as much as $640 million in capital gains tax (CGT) refunds on Bitcoin transactions after a judge ruled that crypto should be treated as money rather than a taxable asset. 

On May 19, the Australian Financial Review (AFR) reported that the decision arose within a criminal case involving federal police officer William Wheatley, who allegedly stole 81.6 Bitcoin (BTC) in 2019. At the time, the assets were worth roughly $492,000. At current market prices, the tokens are valued at more than $13 million.

In the case, Judge Michael O’Connell of Victoria ruled that Bitcoin qualifies as a form of money rather than property, likening the digital asset to Australian dollars rather than to shares, gold or foreign currency.

The interpretation could set a legal precedent, potentially placing Bitcoin transactions outside the scope of Australia’s current CGT regime.

New court ruling challenges Australian crypto tax laws

In an AFR interview, tax lawyer Adrian Cartland said the verdict “totally upends” the Australian Taxation Office’s (ATO) current position. 

Crypto investment products in the United States have attracted over $7.5 billion worth of investment in 2025, with a fifth week of net positive inflows last week signaling growing investor demand for digital assets.

US-based crypto investment products attracted $785 million worth of investment last week, pushing the year-to-date (YTD) total to over $7.5 billion, according to a May 19 report by digital asset manager CoinShares.

The latest figure marks the fifth consecutive week of net positive flows, following nearly $7 billion in outflows during February and March.

Weekly crypto asset flows, USD, million. Source: CoinShares

The United States accounted for the bulk of inflows, with $681 million, followed by Germany at $86.3 million and Hong Kong at $24.4 million.

Crypto flows by country. Source: CoinShares

Investor demand for risk assets such as cryptocurrencies staged a significant recovery after the White House announced a 90-day pause on additional tariffs on May 12, which marked a 24% cut for import tariffs for both the US and China.

Revolut, a European neobank with crypto support, plans to invest more than 1 billion euro ($1.1 billion) in France and apply for a local banking license.

According to a May 19 Fortune report, Revolut representatives announced the initiative during the Choose France business summit hosted by President Emmanuel Macron in Paris. The London-based neobank also plans to set up its new European Union-serving headquarters in Paris, promising to invest 1 billion euro and hire at least 200 people within three years.

Revolut spokespeople also said that the firm is in the process of submitting an application to the French banking regulator Prudential Supervision and Resolution Authority. According to an anonymous source cited by Fortune, the regulator has been pushing the neobank to get a license to improve supervision due to its popularity in France.

Revolut currently employs about 300 people and serves five million customers in France. This makes the nation the neobank’s top European Union market.

Related: Revolut doubles profits to $1.3B on user growth, crypto trading boom

Dubai’s crypto regulator has given licensed digital asset companies until June 19 to comply with its updated activity-based Rulebooks to enhance market integrity and risk oversight. 

On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced that it had released Version 2.0 of the Rulebooks. 

The regulator said it had strengthened controls around margin trading and token distribution services, harmonised compliance requirements across all licensed activities and given clearer definitions for collateral wallet arrangements. 

VARA’s team will engage with licensed entities and expects the companies to comply with the updated rules after a 30-day transition period.

“In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025,” VARA wrote.  

Tether, the $151 billion stablecoin issuance giant, has surpassed Germany in United States Treasury bill holdings, showcasing the benefits of a diversified reserve strategy that has helped the firm navigate the volatility of the cryptocurrency market.

Tether, the issuer of the world’s largest stablecoin, USDt (USDT), has surpassed Germany’s $111.4 billion worth of US Treasurys, data from the US Department of the Treasury shows.

Foreign countries by US Treasury holdings. Source: Ticdata.treasury.gov

Tether has surpassed $120 billion worth of Treasury bills, the firm shared in its attestation report for the first quarter of 2025. That makes Tether the 19th largest entity among all counties in terms of T-bill investments.

“This milestone not only reinforces the company’s conservative reserve management strategy but also highlights Tether’s growing role in distributing dollar-denominated liquidity at scale,” wrote Tether in the report. 

Related: Central banks testing smart contract toolkit under BIS Project Pine