Tether Buys Bitcoin, Digital Assets Reach $2.8 Billion

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Bittime -Tether, as a stablecoin giant, has again increased its Bitcoin (BTC), so that the total digital assets they hold now reach more than $2.8 billion or the equivalent of IDR 44,038,540,000,000.

What Is Tether (USDT)?

Tether (USDT) is a type of cryptocurrency that falls into the stablecoin category . In contrast to other cryptocurrencies whose value is fluctuating and unstable, stablecoins are designed to have their value pegged (linked) to another stable asset, such as the US dollar (USD) in the case of Tether. This means, 1 USDT should always be worth $1 USD.

Tether is the world's largest stablecoin, with a market capitalization of $94.5 billion according to CoinGecko, and is widely used by traders to facilitate buying and selling of other digital assets.

Purchase of Bitcoin (BTC) by Tether

Blockchain data shows that BTC addresses associated with Tether received 8,888 BTC – the equivalent of $379 million – at the end of December 2023. This purchase brings Tether's BTC holdings to a total of 66,465 BTC. This figure makes them one of the largest private companies holding BTC.

Tether consistently added to its BTC holdings throughout 2023. In May, the company announced it would begin using profits to purchase Bitcoin for their reserves. They also stated plans to start mining Bitcoin the same month.

Tether mints USDT - the third largest cryptocurrency after Bitcoin and Ethereum, with a market capitalization of $94.5 billion according to CoinGecko. Besides having a large market capitalization, USDT is also the most traded digital asset. Unlike other cryptocurrencies, USDT is a stablecoin - a cryptocurrency that is backed by a real stable asset, such as the US dollar - so it is widely used by traders to buy and sell digital assets.

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Tether's Past Controversies

In the past, Tether was criticized for its lack of transparency in divulging that its cryptocurrency was indeed backed by what they claimed to be – large amounts of cash.

Tether agreed to no longer operate in New York after a two-year investigation by the New York Attorney General found “false statements of support” for its stablecoin in 2021.

Along with crypto exchange and affiliate company Bitfinex, they agreed to pay an $18.5 million fine to end the country's 22-month investigation into their activities.

However, Tether appears to have support from at least one large traditional financial firm. In a message to critics, Cantor Fitzgerald CEO Howard Lutnick said in December that the Wall Street broker held “a lot” of bonds from the stablecoin issuer. 

“I hold their bonds — and they have a lot of bonds, they're worth more than $90 billion now,” he said.

Earlier this week, Lutnick reiterated this, telling Bloomberg in no uncertain terms that Tether does have the reserves they claim. "They have the money," he said.

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How to Buy Tether (USDT) on Bittime

You can buy and sell  Tether (USDT)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Tether (USDT)  is available on Bittime with  the USDT/IDR market pair . To be able to buy  USDT/IDR  at  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn  the complete guide on how to buy Tether (USDT) on Bittime . 

Monitor price chart movements   of Tether (USDT) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.