Stablecoin giant Tether has created an additional four billion USDT as Bitcoin (BTC) and digital assets make another run to the upside.
Blockchain tracking firm Lookonchain says that a “massive amount of money” is set to flow into crypto markets as Tether accelerates its production of USDT, with 2 billion coins being printed in just two days.
According to Lookonchain’s on-chain analysis, the vast majority of Tether’s newly minted USDT has ended up in crypto exchanges including Binance, Kraken, Bybit, OKX and Coinbase.
Lookonchain also spotted a separate one billion USDT mint from Tether on November 8th and a 728.6 million USDT mint earlier.
In a post on the social media platform X, Tether CEO Paolo Ardoino said the firm now holds over 82,000 Bitcoin, a stash worth approximately $6.7 billion at the prevailing BTC price.
The stablecoin issuer also owns US Treasuries worth approximately $100 billion and gold weighing over 48 tonnes.
In Q2 of this year, Tether held more than $97.5 billion in US Treasuries, a spike of around $7 billion from the previous quarter. At the time, Ardoino said that outside of the firm’s stablecoin reserves, Tether had built an investment portfolio worth approximately $6.56 billion.
“This capital is not managed as a classic VC (venture capital) fund. Tether invests only in companies and technologies that are aligned with our fundamental company mission: disintermediate, build for independence, build for resiliency, build for the future, build for the apocalypse.”
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Generated Image: Midjourney
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