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GLOBAL – Tether, the company behind the stablecoin USDT, recently increased its bitcoin holdings, positioning itself as the eleventh largest holder of the cryptocurrency in the world. The company’s bitcoin reserves now stand at 66,465 BTC, worth approximately $2.79 billion. This significant holding highlights Tether’s strong financial position and transparent reserve management strategy.
In a recent quarterly report, Tether revealed its significant bitcoin reserves, which were then valued at $1.5 billion. Since then, the value of Tether’s bitcoin assets has appreciated, allowing the company to make profits in excess of $1.11 billion. This growth reflects the company’s strategic investment decisions and the general positive dynamics of the cryptocurrency market.
Additionally, Tether reported an excess reserve totaling $3.2 billion. This indicates that the company maintains strong financial health, with reserves that exceed the total value of its stablecoins in circulation. This financial transparency and the importance of excess reserves aim to reassure USDT users about the stability and reliability of the stablecoin, which is pegged to the US dollar.
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