Tether becomes seventh largest Bitcoin holder with recent $618 million purchase

Tether (USDT) is present the seventh-largest Bitcoin holder globally, pursuing its acquisition of much than 8,000 BTC successful the past day, according to Bitinfocharts data.

On-chain data shows that the stablecoin issuer received astir 8,889 BTC, valued astatine astir $618 million, from a Bitfinex blistery wallet connected March 31. This acquisition amplified Tether’s full Bitcoin holdings to astir 75,354 BTC, valued astatine $5.23 billion.

The acquisition places it straight supra a wallet tagged arsenic a Binance acold wallet by Arkham Intelligence, which holds 75,117 BTC worthy $5.22 billion.

Tether present owns 0.3% of the flagship integer asset’s full circulating supply.

Tether’s BTC purchases

Over the past year, Tether has rapidly augmented its Bitcoin holdings done respective quarterly purchases.

The institution said its purchases are portion of efforts to diversify its reserves, which see a important magnitude of gold, currency equivalents, and different short-term deposits.

Meanwhile, the caller acquisition arrives astatine a clip of heightened organization involvement successful the flagship integer asset. The surge successful request for BTC has been peculiarly notable since the year’s outset, fueled by the respective spot Bitcoin exchange-traded funds (ETFs) successful the United States and the impending Bitcoin halving event, poised to slash the asset’s inflationary complaint substantially.

USDT dominance

Tether’s USDT remains the ascendant stablecoin successful the crypto industry, controlling 69% of the marketplace with its circulating proviso of $104 billion.

Despite its salient position, Tether continues to look persistent regulatory hurdles. Recent reports bespeak that US and UK authorities are investigating crypto transactions involving $20 cardinal USDT facilitated done a Russian exchange.

Moreover, owed to regulatory constraints, OKX delisted the integer plus for its European clients. There are suggestions that the exchange’s determination was linked to the forthcoming Markets successful Crypto-Assets (MiCA) framework.

Furthermore, JPMorgan has sounded a cautionary note, expressing concerns that Tether’s stablecoin marketplace dominance could impede the broader maturation of the crypto industry.

Nonetheless, Tether, led by its CEO Paolo Ardoino, remains steadfast successful emphasizing its committedness to compliance and ongoing efforts.

The station Tether becomes seventh largest Bitcoin holder with caller $618 cardinal purchase appeared archetypal connected CryptoSlate.