Tether, the company behind the USDT stablecoin, has significantly increased its bitcoin (BTC) reserves by approximately $1 billion, bringing its total BTC holdings to $9.7 billion. This strategic move coincides with USDT's circulating supply reaching nearly $175 billion, according to blockchain analytics.
Arkham Intelligence data reveals that Tether's designated Bitcoin reserve address received 8,889 BTC from Bitfinex, a cryptocurrency exchange closely affiliated with Tether. The current value of these holdings stands at $9.7 billion based on prevailing market prices.
This acquisition continues Tether's established pattern of quarterly bitcoin accumulation alongside gold reserves. Historical data shows similar strategic purchases occurred in March, December, and September. In a related development, Tether allocated over 1.4 billion in BTC to Twenty One Capital, with CEO Paolo Ardoino confirming the company's commitment to bitcoin amid market speculation.
Tether's official Q2 report documented $8.9 billion in BTC reserves, with updated figures expected in October. Meanwhile, USDT's market dominance continues growing with a 10.7% quarterly increase to $174.6 billion supply.
The company recently expanded into the U.S. market through a new division led by former White House crypto advisor Bo Hines, while developing the USAT stablecoin compliant with federal regulations.