Tether Expands Bitcoin Holdings with $380 Million Purchase
The world’s largest stablecoin issuer, Tether, has acquired an additional 8,888 BTC, worth $380 million. This transaction took place on December 31, 2023, and brings Tether’s total Bitcoin holdings to 66,465.20 BTC. According to Dune Analytics data, Tether now ranks as the 11th largest Bitcoin holder with a fiat valuation of over $2.8 billion.
Tether’s Commitment to Bitcoin
Tether has openly expressed its intention to incorporate Bitcoin into its supported assets for USDT. The company announced in May 2023 that it would allocate 15% of its realized profits from investments to purchase Bitcoin and add it to its reserve basket. Tether aims to diversify its reserves beyond traditional government bonds and cash-like assets.
Positive AML Action and UN Report
Tether holds significant amounts of US government bonds, gold, and other assets. However, it has faced scrutiny from regulatory bodies due to concerns about money laundering. In response to a United Nations report that highlighted the use of Tether’s stablecoin for illegal funds movement, Tether defended its role in fostering financial inclusion and emphasized its collaboration with law enforcement agencies.
Hot Take: Tether Continues to Boost Bitcoin Market
Tether’s latest purchase of Bitcoin further strengthens its position as a major player in the cryptocurrency market. With its massive BTC holdings and commitment to incorporating Bitcoin into its reserve basket, Tether has become one of the most influential entities in the crypto space. This move not only demonstrates Tether’s confidence in Bitcoin but also contributes to the ongoing price discovery process for the leading cryptocurrency.
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