Tether (USDT) Adds 8,889 BTC to Holdings

Tether, the company behind the USDT stablecoin, has significantly increased its Bitcoin reserves, adding 8,889 BTC valued at approximately $1 billion. This move boosts Tether's total Bitcoin holdings to $9.7 billion amid a rise in the supply of its USDT, which now stands at nearly $175 billion, reflecting a 10.7% increase over the last quarter. The Bitcoin transfer occurred from a Bitfinex wallet to Tether's designated Bitcoin reserves. Tether has a history of accumulating Bitcoin and gold particularly at the end of financial quarters. Moreover, Tether recently expanded its market presence in the U.S. by introducing a new stablecoin, USAT, in accordance with federal regulations. The firm also reported that its expected Bitcoin reserves update would be released later in October, continuing its strategy of growth within the stablecoin sector and engaging in investments with other firms in the crypto space.

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