{"id":545861,"date":"2023-08-05T17:05:37","date_gmt":"2023-08-05T17:05:37","guid":{"rendered":"https:\/\/wncen.com\/?p=545861"},"modified":"2024-06-11T14:39:20","modified_gmt":"2024-06-11T14:39:20","slug":"tether-may-now-be-11th-largest-bitcoin-holder","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tether-may-now-be-11th-largest-bitcoin-holder\/","title":{"rendered":"Tether May Now Be 11th Largest Bitcoin Holder, Analyst Says"},"content":{"rendered":"

Tether, the company behind the USDT stablecoin, may now be the 11th largest bitcoin holder in the world. This comes after the stablecoin issuer recently published its attestation report for Q2 2023.<\/span><\/p>\n

According to the report, Tether recorded an increase in excess reserves, which grew by $850 million. This brought the company\u2019s total excess reserves to approximately $3.3 billion.<\/span><\/p>\n

These excess reserves are profits that the company does not distribute to shareholders as dividends. Instead, Tether keeps them to shore up its 100% reserves, which are used to back all USDT in circulation and keep the token stable.<\/span><\/p>\n

Related Reading: USDT Issuer Tether Reports A 30% Decline In Profit<\/a><\/div>\n

Tether Holds $1.6 Billion Worth Of BTC In Single Wallet?<\/strong><\/h2>\n

In the last quarter, Tether published that it held more than $1.5 billion worth of BTC (about 53,495 BTC) in its reserves. Based on the latest quarterly report, this figure has grown by more than $176 million, bringing the company\u2019s Bitcoin holdings to roughly $1.676 billion (around 55,022 BTC).<\/span><\/p>\n

Tom Wan, a research analyst at 21.co, <\/span>found<\/span><\/a> in the last quarter that Tether may be holding all their Bitcoin in one wallet, making them the 12th largest BTC holder at the time. Fast forward to Q2 2023, it appears that the analyst has confirmed his initial speculations.<\/span><\/p>\n

In the first quarter, the BTC holdings of Tether\u2019s \u201cpossible\u201d wallet address matched the BTC amount published in the company\u2019s attestation report. The BTC balance of this address has also increased in the second quarter, corresponding with the amount provided in Tether\u2019s Q2 report.<\/span><\/p>\n

The analyst noted that only one Bitcoin address matches the figures of Tether\u2019s BTC reserves. And this address, which may belong to the stablecoin issuer, is now the 11th largest Bitcoin holder in the world.<\/span><\/p>\n

While Wan sought Tether and the company\u2019s CTO Paolo Ardoino to corroborate his findings, there has been no official confirmation from the stablecoin issuer.<\/span><\/p>\n

Tether\u2019s BTC Holdings Consistent With Initial Plans<\/strong><\/h2>\n

This significant amount of BTC Tether holds in its reserves comes as no surprise, especially as the firm has always been clear about its Bitcoin investment intentions. In May, the stablecoin issuer <\/span>announced<\/span><\/a> plans to invest 15% of its future profit in Bitcoin.<\/span><\/p>\n

Tether\u2019s CTO Paolo Ardoino, a vocal supporter of Bitcoin, stated that the cryptocurrency\u2019s resilience is the reason for the company\u2019s continuous investment in the asset.\u00a0<\/span><\/p>\n

Ardoino said:\u00a0<\/span><\/p>\n

The decision to invest in Bitcoin, the world\u2019s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset. Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favored choice among institutional and retail investors alike.<\/span><\/p><\/blockquote>\n

Related Reading: Tether (USDT) Market Cap Reaches New Peak, Edges Toward $84 Billion Mark<\/a><\/div>\n

However, there have been concerns about Tether and USDT\u2019s exposure to risks due to increased investment in a highly volatile asset such as Bitcoin.\u00a0<\/span><\/p>\n

As of this writing, USDT is the largest stablecoin in the cryptocurrency market, with a market cap<\/a> of roughly $83.81 billion.<\/span><\/p>\n

\"Tether\"<\/p>\n

USDT market cap at $83.79 billion on the daily timeframe | Source: USDT chart from TradingView<\/a><\/pre>\n
Featured image from Wit Olszewski\/Alamy, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Tether, the company behind the USDT stablecoin, may now be the 11th largest bitcoin holder in the world. This comes after the stablecoin issuer recently published its attestation report for Q2 2023. According to the report, Tether recorded an increase in excess reserves, which grew by $850 million. This brought the company\u2019s total excess reserves to approximately $3.3 billion. These excess reserves are profits that the company does not distribute to shareholders as dividends. Instead, Tether keeps them to shore up its 100% reserves, which are used to back all USDT in circulation and keep the token stable. Related Reading: USDT Issuer Tether Reports A 30% Decline In Profit Tether Holds $1.6 Billion Worth Of BTC In Single Wallet? In the last quarter, Tether published that it held more than $1.5 billion worth of BTC (about 53,495 BTC) in its reserves. Based on the latest quarterly report, this figure has grown by more than $176 million, bringing the company\u2019s Bitcoin holdings to roughly $1.676 billion (around 55,022 BTC). Tom Wan, a research analyst at 21.co, found in the last quarter that Tether may be holding all their Bitcoin in one wallet, making them the 12th largest BTC holder at the time. Fast forward to Q2 2023, it appears that the analyst has confirmed his initial speculations. In the first quarter, the BTC holdings of Tether\u2019s \u201cpossible\u201d wallet address matched the BTC amount published in the company\u2019s attestation report. The BTC balance of this address has also increased in the second quarter, corresponding with the amount provided in Tether\u2019s Q2 report. The analyst noted that only one Bitcoin address matches the figures of Tether\u2019s BTC reserves. And this address, which may belong to the stablecoin issuer, is now the 11th largest Bitcoin holder in the world. While Wan sought Tether and the company\u2019s CTO Paolo Ardoino to corroborate his findings, there has been no official confirmation from the stablecoin issuer. Tether\u2019s BTC Holdings Consistent With Initial Plans This significant amount of BTC Tether holds in its reserves comes as no surprise, especially as the firm has always been clear about its Bitcoin investment intentions. In May, the stablecoin issuer announced plans to invest 15% of its future profit in Bitcoin. Tether\u2019s CTO Paolo Ardoino, a vocal supporter of Bitcoin, stated that the cryptocurrency\u2019s resilience is the reason for the company\u2019s continuous investment in the asset.\u00a0 Ardoino said:\u00a0 The decision to invest in Bitcoin, the world\u2019s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset. Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favored choice among institutional and retail investors alike. Related Reading: Tether (USDT) Market Cap Reaches New Peak, Edges Toward $84 Billion Mark However, there have been concerns about Tether and USDT\u2019s exposure to risks due to increased investment in a highly volatile asset such as Bitcoin.\u00a0 As of this writing, USDT is the largest stablecoin in the cryptocurrency market, with a market cap of roughly $83.81 billion. USDT market cap at $83.79 billion on the daily timeframe | Source: USDT chart from TradingView Featured image from Wit Olszewski\/Alamy, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":532628,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,12972,4100,10263],"class_list":["post-545861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-paolo-ardoino","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\nTether May Now Be 11th Largest Bitcoin Holder, Analyst Says<\/title>\n<meta name=\"description\" content=\"Tether, the company behind the USDT stablecoin, may now be the 11th largest bitcoin holder in the world. 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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