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News - Tether invests up to 15 percent of its profits in Bitcoin
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21-05-20231 min read
Tether invests up to 15 percent of its profits in Bitcoin
Tether (ERC-20) (USDT)
Bitcoin (BTC)
Stablecoin
Investing
The world's largest issuer of stablecoins, Tether, wants to invest more in Bitcoin. This is according to a press release from Tether itself. Tether adds that Bitcoin has "proven its resilience time and again."
Up to 15 percent of profits must flow to the cryptocurrency. At the end of the first quarter, Tether had $1.5 billion in Bitcoin. That's about 2 percent of its reserves. Tether earlier reported a net profit of $1.5 billion for the first quarter.
"Bitcoin has proven its resilience time and again and has become a long-term store of value with significant growth potential", aldus CTO, Paolo Ardoino.
Tether🧡#Bitcoin
— Tether (@Tether_to) May 17, 2023
Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin. These Bitcoin shall be considered on top of the minimum reserves assets that 100% back tether tokens.
More 👉 https://t.co/7zC2swgwWH pic.twitter.com/BOcSDjjmDf
Tether is the publisher of the USDT stablecoin. The Tether USDT ecosystem, meanwhile, is worth about $83 billion. This makes it by far the largest stablecoin in the world.
Want to know more about stablecoins and how they work? Then read our Academy artikel.
