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Tether announces purchase of more Bitcoins for strategic reserve
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THE Tetherstablecoin issuer USDTmade a significant move by expanding its reserves of Bitcoin. The company acquired 7,629 BTCvalued at around US$705 millionaccording to data from Arkham Intelligence.
With this acquisition, Tether now holds 82,983 BTCin the approximate value of US$7.68 billion. In this way, the company occupies the position of sixth largest Bitcoin holder in the world, according to data from Bitinfocharts.
This purchase is part of Tether’s strategy of allocating 15% of your profits in Bitcoina plan first announced in May 2023.
Since then, the company has increased its Bitcoin reserves every quarter as part of an effort to diversify your reserves. Reservations also include gold, cash equivalents and others short term investments.
Diversification and resilience in Tether reserves
Tether, which issues the most used stablecoin on the market, has shown itself to be increasingly strategic in reinforcing its reserves with Bitcoin. The decision to invest in Bitcoin reflects the company’s desire not to depend exclusively on the traditional financial system, especially in a scenario of increasing regulatory pressure.
This movement occurs precisely when Tether is facing challenges with the new regulation of European Union (EU). The legislation Mica imposes stricter rules on stablecoin issuers. More precisely, it requires stablecoin issuers to maintain a 30% reservation in traditional financial institutions.
According to Quinten Francoisco-founder of WeRate, this requirement could affect Tether’s operational efficiency, limiting its flexibility to generate income from assets such as US Treasury bondswhich are fundamental to your revenue generation.
Mike Ermolaev, founder of Outset PR, points out that Tether has already been preparing to meet MiCA’s requirements. For example, the company announced a new stablecoin, along with a regulated European partner to serve the continent’s market.
Jonathan Galearegulatory specialist at BCAS IOclarified that stablecoins like USDT, which are not actively promoted in the EU, may not need authorization under MiCA.
According to Galea, concerns about compliance may be exaggerated. After all, platforms cryptocurrency trading can list assets without a direct request from the issuer.
Tether announces purchase of more Bitcoins for strategic reserve
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Tether announces purchase of more Bitcoins for strategic reserve
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Tether announces purchase of more Bitcoins for strategic reserve
