Markets are pricing in near-certainty that USDT's treasury bill exposure will exceed 70% by year-end 2026, with odds jumping from 5¢ to 90¢. Tether announced plans to increase U.S. Treasury bill purchases in 2026, reinforcing a shift toward highly liquid and low-risk assets, building on its position as a top-20 global holder of U.S. Treasury bills with over $135 billion in government debt. Current reserves already hold over 80% in U.S. Treasuries, suggesting the 70% threshold is easily achievable. The sharp price movement reflects trader confidence that Tether will continue prioritizing sovereign-backed liquidity to meet regulatory expectations and maintain its stablecoin dominance.