Bitcoin

Tether CEO Paolo Ardoino Says Stablecoin Issuer Now Holds Over $5,800,000,000 in Bitcoin Reserves

Published

1 year ago

October 29, 2024

Tether CEO Paolo Ardoino updates the quantity of Bitcoin (BTC) and different belongings the stablecoin issuer at present has on its stability sheet.

In a submit on the social media platform X, Ardoino say Tether now owns greater than 82,000 Bitcoin, a provide value about $5.8 billion on the present BTC worth.

The stablecoin issuer additionally owns U.S. Treasury bonds value about $100 billion and gold weighing greater than 48 tons.

Bitcoin is buying and selling at $70,861 on the time of writing.

In July, Ardoino revealed that Tether held roughly 80,000 Bitcoin on the finish of Q2 2024, which translated into a rise of roughly 2,000 Bitcoin within the stablecoin issuer’s BTC reserves in simply three months.

Additionally within the second quarter of this yr, Tether held greater than $97.5 billion in U.S. Treasury securities, a rise of about $7 billion from the earlier quarter. On the time, Ardoino stated Tether had constructed an funding portfolio value about $6.56 billion outdoors of the corporate’s stablecoin reserves.

“This capital is just not managed like a basic enterprise capital fund (VC). Tether solely invests in corporations and applied sciences that align with our elementary enterprise mission: Disintermediate, Construct for Independence, Construct for Resilience, Construct for the Future, Construct for the Apocalypse.”

Tether’s USDT stablecoin is designed to be pegged 1:1 to the US greenback. USDT’s market capitalization is at present simply over $120 billion.

In August, Tether’s CEO opined that the strategic significance of Bitcoin and gold would enhance attributable to rising geopolitical tensions.

READ DOJ’s $225M Seizure Puts Human Cost of Crypto Scams in Focus, Former Acting U.S. Attorney Says

“There may be a lot rigidity from Europe: very, very excessive rigidity, to the US, to in every single place else on this planet. Issues aren’t good. And so publicity to scarce belongings like Bitcoin and gold is the way in which to go.”

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