Tether Expands Bitcoin Reserves with $735 Million Purchase, Now Holds $7.64 Billion in BTC
A big step toward building its reserves, Tether—the issuer of the world’s most widely used stablecoin, USDT—has bought an additional 8,888 BTC, worth about $735 million, in the first quarter of this year. This purchase makes Tether one of the largest holders of Bitcoin in the world, with 92,647 BTC, worth approximately $7.64 billion. Buying that much Bitcoin in such a short time didn’t affect the price substantially, which is important for stablecoins—fiat-pegged currencies that are supposed to be worth something even when the value of other cryptocurrencies goes up and down. Tether’s Strategy: Regular Bitcoin Purchases to Strengthen Reserves Tether has decided to increase its Bitcoin holdings as part of a larger strategy to strengthen its reserves. In May 2023, the company made a public announcement outlining its plan to allocate a substantial portion of its profits toward the […]