USDT Stablecoin issuer Tether It has expanded Bitcoin assets by acquiring 7,629 bitcoins worth approximately $705 million, according to chain data data from Arkham intelligence.
The purchase boosts Tether's Bitcoin holdings to 82,983 Bitcoins, worth approximately $7.68 billion at press time. The company is now ranked as the 6th largest Bitcoin holder globally according to Bitinfocharts data.
The purchase is part of Tether's strategy to allocate 15% of its profits to acquire more bitcoins, a plan first announced in May 2023.
Since then, this company It continuously expanded its bitcoin holdings every quarter as part of an effort to diversify its holdings, which include gold, cash equivalents, and other short-term investments.
MICA FUD
Tether's latest purchase comes as its flagship stablecoin, USDT, faces regulatory pressure in the European Union.
The rules impose strict requirements on stablecoin issuers, including the controversial 30 percent reserve requirement at traditional financial institutions.
Quinton Francois, co-founder of WeRate, argued That requirement undermines operational efficiency by limiting the flexibility to generate income from assets such as US Treasuries, which are its cornerstone. Tether income strategy
Francois also noted that this requirement could hamper Tether's ability to use its profits to bolster its reserves and reduce reliance on traditional financial systems.
In addition, regulatory experts such as Jonathan Gallia of BCAS IO turned on Stablecoins such as USDT that are not actively traded in the EU may not need it MiCA license.
Galea suggested that compliance concerns may be overstated because trading platforms can list these assets without the issuer's direct request. He stated:
“USDt is not the only stablecoin not publicly offered in the union. There are many stablecoins whose issuers do not need to be licensed under MiCA – just because someone is not licensed under a particular law does not make them non-compliant.”
Meanwhile, the CEO of Tether Paolo Arduino has encouraged the community to ignore the FUD surrounding the USDT digital asset, expresses that:
“USDT is safe…competitors are just desperate to make you believe things that aren't there.”
