Tether became the eleventh largest holder of Bitcoin with $2.79 billion worth of BTC.
GLOBAL - Tether, the company behind the widely used stablecoin USDT, has recently increased its Bitcoin holdings, positioning itself as the world's eleventh largest holder of cryptocurrencies. The company's Bitcoin reserves have now reached 66,465 BTC, worth approximately $2.79 billion. This significant holding underlines Tether's solid financial position and transparent reserve management strategy.
In a recent quarterly report, Tether disclosed significant Bitcoin holdings worth $1.5 billion at the time. Since then, the value of Tether's Bitcoin holdings has increased, enabling the company to generate profits exceeding $1.11 billion. This growth reflects the company's strategic investment decisions and the overall positive momentum in the cryptocurrency market.
Moreover, Tether reported excess reserves totaling $3.2 billion. This shows that the company maintains strong financial health, with reserves exceeding the total value of its stablecoin in circulation. This type of financial transparency and the size of excess reserves are designed to provide assurance to USDT users about the stability and reliability of the stablecoin pegged to the US dollar.
