According to Foresight News, Paolo Ardoino, the CEO of Tether, made a statement at Token 2049, claiming that Tether has a 106% reserve backing and holds excess liquidity. He further elaborated that Tether has quickly become one of the largest holders of US Treasury bonds.
Ardoino compared Tether's holdings to China's US debt, which was approximately $3 trillion 2 to 3 years ago and is around $700 billion today. He stated that the US Treasury bonds held by Tether are 12% to 13% of what China currently holds. This indicates that Tether has rapidly ascended to become one of the major holders of US debt.