Tether, the company behind USDT, the largest stablecoin by volume, announced in a new announcement today that it will buy Bitcoin (BTC) starting this month using a portion of its profits.
Tether, the company behind USDT, starts buying Bitcoin (BTC)
Tether reported in a new announcement that it will allocate about 15% of the profits from investments to buying BTC. According to the statement, the company will store the BTC cache on its own without using any third parties.
Tether🧡#Bitcoin
Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin. These Bitcoin shall be considered on top of the minimum reserves assets that 100% back tether tokens.
More 👉 https://t.co/7zC2swgwWH pic.twitter.com/BOcSDjjmDf
— Tether (@Tether_to) May 17, 2023
Tether’s decision comes after it announced last week that it holds 1.5 billion BTC and $3.4 billion worth of gold as reserves. According to the Q1 2023 report, Tether holds approximately 85% of its reserves in cash. This includes cash equivalents such as US Treasury bills.
cryptocoin.comWe have included the USDT audit report dated May 13 in this article.
