The iFinex group company has once again purchased more coins for its strategic reserve.
Tether and Bitcoin cryptocurrencies on a chart
Tether, the company that maintains the issuance of the USDT stablecoin, has started buying bitcoin again for its strategic reserve. Thus, the company's reserve now has an additional $700 million in BTC.
However, it caught the market's attention that the company did not make an announcement to confirm the purchase. Even so, as transactions in Tether wallets are monitored by the market, many caught the transfer over the network.
According to Arkham Intelligence, Tether's new acquisition of bitcoin took place last Monday (30), at the end of 2024.
“Tether adds another $700 million worth of bitcoin to its reserves.”
It is still unclear what prompted Tether to make the new acquisition, but the company has made it clear that it will continue to bet heavily on the future of bitcoin and USDT.
Furthermore, on Tether's transparency page, the company has not yet put the new amount in BTC.
Tether’s new bitcoin purchase comes amid fresh criticism
In the final stretch of 2024, Tether once again appeared amid criticism from opponents of its technology, who mainly condemn the company's issuance of USDT.
As USDT volume is the largest among all stablecoins, surpassing USDC and others, Tether lives amid criticism.
In his defense, Tether's CTO, Paolo Ardoino, disclosed on his X account, this Tuesday (31), that the company will always be in the crosshairs of people paid to spread misinformation, individuals who also constantly attack bitcoin.
Therefore, he advocated that the community stay together to help bitcoin and USDT thrive for a better future, the executive said.
“Reminder: The armies of paid shills who have been attacking Tether for years are the same ones who keep attacking Bitcoin to promote some useless alternative technology. Bitcoin and Tether are standing in their way. Tether & Bitcoin = We are unstoppable together.”
The Year of Tether
In May, as global pressure against stablecoins increased, Europe already banned the operations of several companies, including Tether. In recent months, the company even warned anyone who still had funds in its EURT stablecoin that they should switch to other currencies before the deadline.
Even so, Tether also had reasons to celebrate its first 10 years and released a documentary that talks about “USDT being the most used cryptocurrency in Brazil”.
At the end of the year, just before Christmas, Tether announced a billion-dollar investment in Rumble, a rival to YouTube. By all indications, the company continues to invest in the market and believe in the future of decentralized digital finance.