Tether, the issuer of the largest fiat-backed stablecoin, has sent 7,629 BTC — worth approximately $700 million — to its bitcoin reserve address, according to onchain data from Arkham Intelligence. The tokens were sent from sister exchange Bitfinex’s hot wallet approximately an hour ago at 14:00 UTC.
This is the largest transaction sent to Tether’s strategic bitcoin reserve since March 2024, when it transferred 8,888.88 BTC, according to BitInfoCharts . The firm also sent 8,888.88 BTC to the fund on the last day of 2023.
