Tether CEO Reports USDT Outpaced All Stablecoins in New $1+ Holders
Tether’s recent $1 billion Bitcoin acquisition from Bitfinex signals continued growth in its reserves, coinciding with a consistent quarter-end buying pattern and US expansion plans.
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Fact Check
The statement is true as it concerns a 'report' made by the company. Evidence from Tether's official X account (Source 8) directly states that USDT gained more new '$1+ holders' than all other stablecoins combined. While not a direct quote from the CEO, a public statement from the official company channel, which the CEO leads, constitutes a company report. Multiple other sources confirm Paolo Ardoino as CEO and corroborate USDT's market dominance and rapid growth in users, lending credibility to the context of the report.
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Summary
Tether received 8,889 Bitcoin worth approximately $1 billion from Bitfinex, increasing its Bitcoin reserves to around $9.8 billion. This acquisition is part of a quarterly pattern aimed at bolstering reserves ahead of public attestations. Tether is also expanding its U.S. operations with a federally compliant stablecoin, USAT, and plans for increased transparency on its reserves. USDT’s supply grew by 10% last quarter, further cementing its role in crypto markets.
Terms & Concepts
- Bitcoin Reserves: Bitcoin holdings maintained by companies like Tether to back their stablecoins, providing value security and liquidity.
- USDT: A U.S. dollar-pegged stablecoin issued by Tether, widely used for trading and value storage in cryptocurrency markets.