Tether Increases Bitcoin Reserves by 9,850 BTC
- Tether has added 9,850 Bitcoin to its reserves since late September.
- On November 6, over $97 million in Bitcoin was transferred from Bitfinex to Tether’s reserve wallet.
- The company is transferring Bitcoin from Bitfinex to strengthen the backing of its USDT stablecoin operations.
- This move aligns with Tether’s strategy of using Bitcoin reserves to hedge against market fluctuations.
Tether has bolstered its reserves with an additional 9,850 Bitcoin, including a significant transfer of over $97 million on November 6. This action supports their ongoing strategy to use Bitcoin as a hedge for their stablecoin operations.
Source (3.2)https://cryptobriefing.com/tether-adds-bitcoin-to-reserves-amid-pullback/?rand=59535
