Tether, a creator of the USDT stablecoin, may have become the eleventh biggest Bitcoin holder. The stablecoin issuer just released its Q2 2023 attestation report, so this is timely.
The research states that Tether has seen a growth of $850 million in its surplus reserves. As a result, the corporation’s surplus reserves increased to almost $3.3 billion.
These surplus funds represent earnings that management has decided not to release to stockholders. Instead, Tether stores them to strengthen the 100% reserves that support all USDT in circulation.
Tether disclosed holdings of over $1.5 billion in BTC (equivalent to roughly 53,495 BTC) in the latest quarter. According to the most recent quarterly report, the company’s Bitcoin holdings have increased by about $176 million, to a total of over $1.676 billion.
In the previous quarter, 21. co-research researcher Tom Wan discovered that Tether may be keeping all of its Bitcoin in a single wallet, making them the twelfth biggest BTC holder at the time. In the second quarter of 2023, the analyst’s predictions seem to have come true.
Tether’s “possible” wallet address had the same amount of Bitcoin that was reported in the company’s attestation report at the end of the first quarter. Tether’s Q2 report shows that the BTC balance at this address grew by the same amount over the period.
The expert pointed out that the numbers for Tether’s BTC reserves only match one Bitcoin address. This address, which may be associated with the stablecoin’s issuer, has risen to become the eleventh-largest Bitcoin holder.
Wan reached out to Tether and the company’s CTO Paolo Ardoino for confirmation of his findings, but neither has issued an official statement.
Given that Tether has always been transparent about its plans to invest in Bitcoin, the large quantity of BTC it keeps in reserves is not unexpected. It was reported in May that 15 percent of the stablecoin issuer’s future profits will be invested in Bitcoin.
Tether’s Chief Technology Officer Paolo Ardoino, an outspoken advocate of Bitcoin, has explained that the cryptocurrency’s durability justifies the company’s ongoing investment in it.
Also Read: Elon Musk talks about crypto and said, “X or I will never release a crypto token”
