Tether, the issuer of the world’s largest fiat-backed stablecoin USDT, has transferred 7,629 BTC—worth approximately $700 million—to its Bitcoin reserve address, according to Arkham Intelligence’s on-chain data.
The transaction, made from Bitfinex’s hot wallet, occurred at 14:00 UTC and is the largest transfer to Tether’s Bitcoin reserve since March 2024, when it moved 8,888.88 BTC.
This marks the third major transfer of 8,888.88 BTC in recent history, following similar transactions at the end of 2023 and earlier in 2024. In May 2023, Tether announced it would allocate up to 15% of its profits to Bitcoin to diversify its holdings, a strategy adopted amid its significant profit growth. The company now holds over $7.6 billion worth of Bitcoin, equivalent to more than 82,000 BTC.
Tether’s dollar-pegged stablecoin, USDT, is primarily backed by U.S. Treasury bonds and cash equivalents that generate yield, which Tether reinvests. In addition to Bitcoin, the company has expanded its investments into emerging sectors, including AI, Bitcoin mining, and decentralized communications.
In the first half of 2024, Tether reported a record profit of $5.2 billion, according to CEO Paolo Ardoino. The recent Bitcoin transaction has not yet been reflected on Tether’s transparency page, which was last updated on December 30, 2024.
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