Tether Adds $1B in Bitcoin to Reserves as USDT Supply Nears $175B, Blockchain Data Shows

Core Insights - Tether has increased its bitcoin reserves by approximately $1 billion, bringing total holdings to $9.7 billion as the supply of its USDT stablecoin approaches $175 billion [1][5]. Group 1: Bitcoin Reserves - Tether's address labeled "Tether: Bitcoin Reserves" received 8,889 BTC from a Bitfinex wallet, with current holdings valued at $9.7 billion based on a price of about $113,000 per BTC [2]. - Tether has a history of accumulating bitcoin at the end of quarters, with similar transactions noted in March, December, and September of the previous year [3]. - As of the end of June, Tether reported $8.9 billion in BTC reserves, with an updated report expected in late October [4]. Group 2: USDT Supply and Market Position - The supply of Tether's USDT token has increased to $174.6 billion, reflecting a 10.7% growth over the last quarter, maintaining its dominance in the stablecoin market [5]. - Tether has expanded its operations into the U.S. market by establishing a local branch and developing a new stablecoin, USAT, under federal regulatory guidelines [5].