Tether, the crypto company behind usdt StableCOin, has added about $ 1 billion worth in Bitcoin To its reserves, rose holdings to $ 9.7 billion as the supply of its flagship stablecoin increased to almost $ 175 billion.
Blockchain data by Arkham Intelligence shows that the address labeled as “Tether: Bitcoin Reserves” received 8,889 BTC from a wallet of BitFinex, crypto exchange closely linked to Tether. The address currently has $ 9.7 billion in BTC based on the current price of about $ 113,000, per Arkham.
The latest maneuver fits into a pattern of tether that accumulates the largest cryptocurrency, along with gold, adding its BTC stash at the end of the quarters. Similar transactions happened in late March, December and last September, Arkham shows. In June, the company seeded more than 1.4 billion in BTC to Twenty One Capital (XXI), Bitcoin Treasury company led by Strike CEO Jack Malers with Tether as a leading investor, Blockchain -Data, with Tether Ceo Paolo Ardoino, showed rumors to sell BTC for gold.
Tether reported $ 8.9 billion in BTC reserves at the end of June according to its attestation in the 2nd quarter, with the next report expected at the end of October with its updated BTC holdings.
Meanwhile, Tether’s USDT-Token has swollen to a $ 174.6 billion delivery, which is a 10.7% increase over the last quarter, CoingeCko data shows and continues to dominate among the red hot stablecoin sector. The company, which previously focused its efforts to serve new markets where US dollar access is limited, formally entered the US domestic market by establishing a local branch led by former Crypto Adpto Adpto adviser Bo Hines and developing a separate stableecoin called USAT according to federal regulatory guidelines.
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