Tether USDT to strengthen reserves with Bitcoin purchase

2023-5-17 16:05

Stablecoin issuer Tether (USDT) said it would use 15% of its net realized operating profits to purchase Bitcoin (BTC).

In a May 17 company statement, the stablecoin issuer said it would self-custody the purchased BTC — adding that its purchase “will focus exclusively on utilizing realized profits from its investment strategy, disregarding unrealized capital gains generated by price increases.”

Tether said its BTC purchase is part of efforts to diversify its reserves. The company’s quarterly attestation showed that it held $1.5 billion of its reserves in the flagship digital asset. The stablecoin firm also had a substantial amount of gold and 85% of its reserve in cash, cash equivalents, and other short-term deposits.

“Tether’s purchase of BTC is part of its conservative and prudent approach to investment decisions aimed at strengthening, increasing, and diversifying its reserves.”

According to its statement, the firm anticipates that its regular BTC purchase would not “exceed the Shareholder Capital Cushion.”

Tether’s CTO Paolo Ardoino said:

“Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.”

Why Tether is making the Bitcoin bet

In a long-form Twitter post, Ardoino explained that the firm chose BTC because it “is the epitome of a sound and secure monetary system with its decentralized nature and scarcity.”

The firm corroborated this view in its statement. Tether said Bitcoin had demonstrated its investment potential with a track record of impressive returns over the past decade.

The firm added that its growing recognition and increased adoption by financial institutions had cemented its position as a critical component in diversified investment portfolios.

Tether’s USDT is the largest stablecoin by market cap. The stablecoin’s circulating supply sits at $82.86 billion as of press time, according to CryptoSlate data.

The post Tether USDT to strengthen reserves with Bitcoin purchase appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69591.25 (+0.63%)
Объем 24H $45.714b
Изменеия 24h: 2.51 %, 7d: -4.22 %
Cегодня L: $69039.59 - H: $69591.25
Капитализация $1376.391b Rank 1
Цена в час новости $ 26673.38 (160.9%)

purchase tether bitcoin usdt realized btc profits

Источник: cryptoslate.com

purchase tether → Результатов: 23


Фото:

Tezro Introduces USTC to TezroST Swap Feature, Enabling Seamless Token Exchange for USTC Holders

Leading cryptocurrency platform, Tezro, has rolled out a new feature that enables USTC token holders to effortlessly exchange their tokens for Tezro’s official shopping token, TezroST. TezroST is a digital token backed by Tether (USDT) and can be used to purchase various goods and services through compatible online stores via the Tezro Swift API. The […]

2023-4-5 09:55


Tether leads as pack chases, but is DAI as dead as Terra? – The stablecoin war, a Deep Dive

Cryptocurrency can be a polarising subject. Some believe it will change the world. They say we will live in a society with Bitcoin as the reserve currency; we will purchase our chai tea lattés in Starbucks with digital tokens, and then we will post them on social media domiciled in Web3, with everything running seamlessly […] The post Tether leads as pack chases, but is DAI as dead as Terra? – The stablecoin war, a Deep Dive appeared first on CoinJournal.

2022-11-1 17:28


Huobi Launches New Fiat/Crypto Pair for the Indonesia Rupiah (IDR) Against Tether (USDT)

Huobi Crypto Exchange recently announced that they will introduce a trading pair for the Indonesian Rupiah against Tether (USDT) for this market subsidiary. The fiat gateway will enable Huobi users in Indonesia to trade over 250 cryptocurrencies through a simple IDR Top up and exchange for USDT to purchase other coins. David Chen, Huobi’s Cloud Senior […]

2019-12-28 18:24


NY Attorney General’s Office: Plenty of Funny Conduct in Tether, Bitfinex Amid Fake IEO White Papers

The NY Attorney General’s office (OAG) has recently submitted opposition on May 3 to Bitfinex’s motion to void the agency’s court order that affected the crypto market a few days ago. According to the OAG, citing the Martin Act in the opposition, gives power to the office to investigate the purchase, sale and exchange of […]

2019-5-6 23:56


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto firms launch the Global Dollar stablecoin to boost adoption

The Global Dollar is issued out of Singapore by Paxos and is “substantially compliant” with the MAS Tether’s USDT stablecoin accounts for more than 75% of the market Kraken’s co-founder said there is a “lack of competition” in the stablecoin market A group of cryptocurrency and financial technology companies have introduced a joint stablecoin, the […] The post Crypto firms launch the Global Dollar stablecoin to boost adoption appeared first on CoinJournal.

Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone

The partnership between The Open Network (TON) and Tether has reached new heights as the USDT stablecoin experienced a massive surge in just a few months since the start of their collaboration. A remarkable feat that saw a massive increase in the USDT on TON hitting over $1 billion in only six months, an indicator of the capability of the emerging dynamic duo.

Казначейство Tether выпускает еще 1 млрд USDT в сети Tron

Чтобы улучшить ликвидность на бычьем рынке, Tether снова выпустил огромное количество USDT в сети TRON. Выпуск за последние 12 часов соответствует стратегии Tether по поддержанию значительного предложения на всех основных биржах и блокчейнах.

Inside Tether’s Vaults: 82,000 Bitcoin And 48 Tons Of Gold Safeguard USDT

Tether’s USDT is the world’s largest stablecoin, with a market cap nearing $100 billion. However, like many top blockchain projects, Tether has been the subject of many questions and inquiries. And for Tether, most of the questions swirl around its reserves, which serve as its primary selling point.