USDT stablecoin issuer Tether Holdings Ltd is in the news again, but this time, regarding its Bitcoin strategic reserve holdings. According to ochain data from Arkham Intelligence, the USDT parent company just sent a total of 7,629 Bitcoin units to its reserve wallet. This solidifies the firm’s status as a major Bitcoin backer.

Tether Bitcoin Bet is Growing

According to the onchain data, the Tether reserve wallet received the BTC units, worth $705.25 million. The funds came from its affiliated crypto trading platform Bitfinex after it has remained dormant for 9 months.

Currently, Tether Bitcoin reserves holds a total of 82,983 BTC. The firm accumulated this funds for $2.99 billion at an average price of approximately $36,125. Per the onchain data, these Bitcoin holdeings are currently worth $7.68 billion.

Just in: #Tether Bitcoin reserves have received 7,629 $BTC worth $705.25M from #Bitfinex after being dormant for 9 months.

Currently, #Tether Bitcoin reserves hold 82,983 $BTC accumulated for $2.99B at an average price of ~$36,125. Currently, these $BTC are worth $7.68B.… pic.twitter.com/nOhyNWpgby

— Onchain Lens (@OnchainLens) December 30, 2024

Tether is the dominant stablecoin in the market with a total of $138 billion in market capitalization. Over the past year, the firm has been diversifying its excess capital into Bitcoin and other assets. Specifically, the firm started allocate funds to Bitcoin from as far back as May this year. The firm resolved at the time to invest as much as 15% of its monthly net income to BTC.

As Coingape reported earlier, the stablecoin issuer plans to invest $5 billion into its AI platform in the coming year. The firm also plan to showcase the prototype of its AI platform by the end of Q1 2025.

Shunning the USDT MiCA FUD

Beyond the Tether Bitcoin transaction update, a major concern for the stablecoin issuer is the Fear, Uncertainty and Doubts (FUD) it battles regarding its global operations. As the Markets In Crypto Assets (MiCA) regulation comes into full effect today, the concerns regarding its delisting has grown.

Amid the growing FUD, the USDT market cap slumped by $2 billion and now pegged at $138.7 billion. While the stablecoin will only exit the centralized exchanges in the EU, USDT will still be available on DEXs and P2P platforms.

Addressing the concerns, Tether CEO Paolo Ardoino said the firm’s rivals are “just desperate to make you believe things that don’t exist.”

Ardoino concluded his recent post, saying “USDT is Safe.”

A great thread re: MiCA regulations, how they apply to stablecoins and specifically to USDt.

tldr: don’t believe the FUD.
Competitors are just desperate to make you believe things that don’t exist.

USDt is safe.
Seguimos. https://t.co/WfA0KLfBKb

— Paolo Ardoino (@paoloardoino) December 30, 2024

Read Also: MicroStrategy Acquires 2,138 BTC For $209 Million

The post USDT Issuer Tether Adds 7,629 Bitcoin To BTC Reserve appeared first on CoinGape.

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Filed under: News - @ December 30, 2024 4:21 pm