BRIC Secures $299.5M Tether Settlement in Celsius Bankruptcy Case
The Blockchain Recovery Investment Consortium (BRIC), a partnership between GXD Labs and VanEck, has reached a $299.5 million settlement with [Tether](https://holder.io/coins/usdt/) over the Celsius Network bankruptcy case. This settlement follows litigation related to collateral transfers before Celsius's collapse in July 2022.
- BRIC, formed in 2023, focuses on maximizing recoveries in digital asset bankruptcies and continues managing Celsius's estate assets.
- This settlement is significant, highlighting regulatory reach into crypto insolvencies involving offshore entities and stablecoin issuers.
Tether's Strategic Moves
- [Tether](https://holder.io/coins/usdt/)'s CEO, Paolo Ardoino, confirmed all claims related to the Celsius bankruptcy are settled.
- Tether plans to raise $20 billion at a $500 billion valuation.
- The company reported $4.9 billion profit in Q2 2025, driven by US Treasury holdings.
- USDT's market capitalization at $180 billion makes it more profitable than its rival [Circle](https://holder.io/coins/usdc/).
- US stablecoin regulations under the Genius Act have bolstered Tether's performance.
Tether aims to use the funds to expand global operations amidst new competition from Trump-backed USD1 and Ripple's RLUSD.