Tether Adds $1 Billion in Bitcoin to Reserves
- Tether’s wallet received 8,889 Bitcoin from Bitfinex, boosting its Bitcoin holdings to approximately $9.8 billion.
- This addition is one of the largest single increases to Tether’s BTC balance this year.
- Tether has shown a pattern of quarter-end purchases, with similar transactions in September and December of previous years.
- The recent transfer underscores the close relationship between Bitfinex and Tether, drawing attention due to its size and origin.
- Tether plans to expand in the US with a new branch led by Bo Hines and is considering launching a federally compliant stablecoin called USAT.
The substantial increase in Tether’s Bitcoin reserves aligns with its strategy of bolstering assets before public attestations, as seen in past quarters. The move also highlights Tether’s ongoing expansion efforts within the US regulatory framework.
With Tether’s reserves reaching nearly $9.8 billion in Bitcoin, market observers are keenly awaiting the late-October report for confirmation of these transactions on paper, which could impact confidence levels among stakeholders.Source)
