Tether increases Bitcoin reserves amidst EU legal pressures
Tether, the issuer of the stablecoin USDT, increased its Bitcoin reserves by purchasing 7,629 BTC valued at approximately $705 million, raising its total Bitcoin holdings to 82,983 units and ranking as the sixth largest Bitcoin holder globally. This purchase is part of the company’s strategy to allocate 15% of profits to buying Bitcoin. This move comes as Tether faces legal pressures from the EU, demanding 30% reserves in traditional financial institutions. Paolo Ardoino, Tether’s CTO, dismisses concerns about USDT, attributing these pressures to competitors’ attempts to instill fear and doubt.
