The team behind USDT, also known as the crypto version of the dollar, announced that it will invest in Bitcoin with 15 percent of its monthly profit from now on. The Tether team has owned $1.5 billion worth of Bitcoin to date.
There has been a remarkable development for the crypto money markets. One of the world’s largest stablecoins Tether (USDT) announced that it has switched to a new investment strategy and will regularly buy Bitcoin (BTC) under this strategy. According to the statement made, the USDT team will will invest 15 percent of its profits in Bitcoin.
Tether is a $83 billion company today and has invested in various fields up to this point. So much so that some of the company reserves were already in crypto assets. Also, Tether in the US stock markets There are also some investments. Now, there will be a small change in this. Company, on a monthly basis He will take out his balance sheet and see how much profit he has made. Suppose there is a profit of $100; Bitcoin will be purchased with 15 percent of it, that is, 15 dollars.
Tether already has $1.5 billion worth of BTC!
As a matter of fact, Tether is not a company that is far from Bitcoin investments. According to a statement made in March 2023, the team already has 1.5 billion dollars There is BTC. In the next period, the amount of BTC held will increase regularly. Tether will not deal with a third-party institution for its own Bitcoin reserve. Storing Bitcoins own responsibility will be under.
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So why Bitcoin and not Ethereum (ETH) or Ripple (XRP)?
In the statement made by Tether Chief Technology Officer Paolo Ardoino, it was also explained why the company preferred BTC over other crypto assets. According to Ardoino’s statement, Bitcoin, the world’s first and largest volume cryptocurrency, is characterized by its decentralized structure, limited supply and worldwide adoption It was chosen for investment. Moreover, Polo Ardoino, Bitcoin’s over the years will continue to grow is thinking.
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How will this decision reflect on the cryptocurrency markets?
It’s not surprising that a crypto-focused company like Tether would store BTC. it’s not a bad thing. The company, which already has $ 1.5 billion in BTC, will have much more Bitcoin in the future and will be among the big investors. This benefits both USDT and BTC. As a result, any damage to BTC will be directly reflected in Tether. The company also consciously continues to work for the world’s largest stable coin USDT.
This content cannot be considered as investment advice.
Source :
https://tether.to/en/tether-to-further-strengthen-reserves-through-purchase-of-bitcoin-with-realized-net-operating-profits/