GLOBAL - Tether, the company behind the widely-used stablecoin USDT, has recently increased its Bitcoin holdings, positioning itself as the world's eleventh-largest holder of the cryptocurrency. The company's Bitcoin reserves now amount to 66,465 BTC, valued at approximately $2.79 billion. This significant holding underscores Tether's robust financial position and its transparent reserve management strategy.
In a recent quarterly report, Tether disclosed its substantial Bitcoin holdings, which were then valued at $1.5 billion. Since that time, the value of Tether's Bitcoin assets has appreciated, allowing the company to realize profits exceeding $1.11 billion. This growth reflects the company's strategic investment decisions and the overall positive momentum in the cryptocurrency market.
Moreover, Tether has reported an excess reserve totaling $3.2 billion. This indicates that the company maintains a strong financial health, with reserves that exceed the total value of its stablecoin in circulation. Such financial transparency and the size of the excess reserves are designed to provide reassurance to USDT users about the stability and reliability of the stablecoin, which is pegged to the US dollar.
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