Tether, the issuer of the world's largest stablecoin USDT, has once again expanded its Bitcoin holdings. According to on-chain data tracked by Arkham Intelligence, Tether deposited 7,629 Bitcoins (worth about 700 million USD) into its strategic reserve account last night (30).
This is the largest Bitcoin reserve operation by Tether since March 2024. At that time, Tether purchased a total of 8,888.88 Bitcoins, and prior to that, at the end of the fourth quarter of 2023, it had also increased its holdings by a comparable amount of 8,888 Bitcoins.
Tether stated in 2023 that in order to diversify the reserve assets of USDT, the company allocates 15% of its net profit each quarter for dollar-cost averaging in Bitcoin.
Now, Tether has accumulated a total of 83,750 Bitcoins, worth over 7.76 billion USD, making it a key part of its asset portfolio.
Tether's core stablecoin USDT is primarily backed by US Treasury bonds and other cash-equivalent assets, which not only provide stability but also generate returns. In recent years, Tether has focused on diversifying its asset allocation, investing in emerging fields such as artificial intelligence (AI), Bitcoin mining, and decentralized communications, demonstrating keen insight into market trends.
Tether's net profit for the first half of this year was 5.2 billion USD, with the operating net profit for the second quarter alone reaching 1.3 billion USD, both setting new records.
"Holding more than 83,000 Bitcoins! Tether further increases its holdings by 7,629 Bitcoins" was first published in (Blockke).
