Tether is accelerating its push into the United States, betting that political support in Washington, deep Treasury holdings, and a growing investment portfolio will cement its place in mainstream finance, according to a deep-dive by Bloomberg. 

The stablecoin issuer, led by billionaire Chief Executive Paolo Ardoino, is expanding in the U.S. with backing from allies in President Donald Trump’s administration, including Commerce Secretary Howard Lutnick, whose family firm has banking and investment ties to Tether. The company launched a new U.S.-market token in January, increased its lobbying in Washington, and is seeking to establish a valuation of $500 billion, Bloomberg said.

The company posted more than $10 billion in profit last year and held $193 billion in reserves at year-end, with 63 percent of that, or about $122 billion, invested in U.S. Treasuries. Tether also has been building a broader portfolio spanning crypto, payments, commodities, media, artificial intelligence, and energy, while expanding its gold holdings and U.S. political presence, according to the report. 

Tether’s changing fortunes mark a sharp reversal from the Biden years, when federal authorities scrutinized the company and its flagship USDT token remained barred, along with affiliated exchange Bitfinex, from doing business in New York. Now, lawmakers are moving more quickly on stablecoin legislation, helped by the argument that dollar-linked tokens could boost demand for government debt, Bloomberg said.

Yet Tether continues to face criticism over transparency, illicit-finance risks, and the absence of a full audit, the news agency said. A case study by TRM Labs published in January found that Iran’s Islamic Revolutionary Guard Corps. processed roughly $1 billion in crypto transactions from 2023 to 2025, “conducted overwhelmingly in USDT.”

The company has yet to disclose the full extent of its investment portfolio, which includes over 140 investments that serve as part of Tether’s core strategy, the news outlet said. Tether has told investors it is aiming to complete a full audit by the end of 2026. 

“Tether reportedly holds over $100 billion in U.S. Treasuries, making it one of the largest holders globally, yet it operates without the direct regulatory oversight we impose on domestic institutions at this scale,” Carole House, former White House National Security Council special adviser for cybersecurity and critical infrastructure in the Biden administration, told Bloomberg.

Read more at Bloomberg