Tether Adds $1B in Bitcoin, USDT Supply Reaches Nearly $175B
Tether, the firm behind USDT, has increased its bitcoin reserves by $1 billion, totaling $9.7 billion. The stablecoin supply reached nearly $175 billion.
- Blockchain data from Arkham Intelligence shows Tether's Bitcoin Reserves address received 8,889 BTC from Bitfinex's wallet.
- The current BTC holdings are valued at $9.7 billion based on a price of approximately $113,000 per BTC.
Tether's strategy includes accumulating BTC and gold, with end-of-quarter increases noted in March, December, and last September.
- In June, Tether invested over $1.4 billion in BTC into Twenty One Capital, led by Strike CEO Jack Mallers.
- Tether's CEO, Paolo Ardoino, dismissed rumors of selling BTC for gold.
- Tether reported $8.9 billion in BTC reserves as of June's end, with an updated report expected in late October.
Tether's USDT token supply is now $174.6 billion, marking a 10.7% increase in the last quarter, maintaining dominance in the stablecoin market. The company has entered the U.S. domestic market with a new branch led by Bo Hines and developed a separate stablecoin, USAT, under federal regulations.