Tether Holdings, one of the leading USDT stablecoin issuers, has made the headlines again but this time it is not about the questions raised about its USDT stability or its off shore banking relations.
Instead, it has plans to bolster its reserves with Bitcoin. Records from Arkham Intelligence, Tether has transferred over 7,629 Bitcoin worth over 705 million dollars to its reserve account. This further consolidates Tether’s position as one of the foremost economies in the bitcoin market.
Tether’s Bitcoin Assets Surge
As per records, Tether’s reserve account has an average cost of 33,200 dollars with a total of 82,893 Bitcoins because of an injection over 2.99 billion dollars.
Presently, the value of the portfolio has risen to 7.68 billion dollars. The remainder of those funds was deposited into Tether’s reserve after nine months of being inactive on the bitfinex exchange.
With a brand value of over 138 million dollars, Tether has also, over the years, focused some of its excess capital in Bitcoins and other such resources. Considering the past couple of months, the company stated that it has begun allocating up to 15% of its monthly revenue into bitcoins.
Industry Concerns and Future AI Investments
Also, next year Tether plans to make a $5 billion investment in its AI platform, anticipating the delivery of a prototype by the end of Q1 2025.
While these events are taking place, Tether has to contend with ongoing crypto hurdles that the MiCA regulations have brought about. At least with regard to the European Union, Tether will have $2 billion less AUM and staff out of European exchanges although USDT will be available on DEX-aggregators and P2P platforms. Tether CEO Paolo Ardoino dismissed the concerns, attributing them to competitors spreading false narratives.
