Tether CEO Paolo Ardoino has updated the amount of Bitcoin (BTC) and other assets the stablecoin issuer currently holds on its balance sheet.
Ardoino said in a post on social media platform
The stablecoin issuer also owns approximately $100 billion worth of U.S. Treasuries and over 48 tons of gold.
At the time of writing, Bitcoin is trading at $70,861.
In July, Ardoino revealed that Tether held approximately 80,000 Bitcoins at the end of the second quarter of 2024. This amounts to an increase of approximately 2,000 Bitcoins in stablecoin issuers’ BTC reserves in just three months.
In the second quarter of this year, Tether still held more than $97.5 billion in U.S. Treasuries, an increase of about $7 billion from the previous quarter. At the time, Ardoino said that in addition to the company’s stablecoin reserves, Tether had built an investment portfolio worth about $6.56 billion.
“This capital is not managed as a classic VC (venture capital) fund. Tether will disintermediate, build for independence, build for resilience, and build for the future. We invest only in companies and technologies that align with our fundamental corporate mission of building for the apocalypse.”
Tether’s stablecoin USDT is designed to be pegged 1:1 to the US dollar. USDT’s market capitalization is currently just over $120 billion.
Tether’s CEO said in August that rising geopolitical tensions would increase the strategic importance of Bitcoin and gold.
“Starting in Europe, very high tensions are spreading to America and everywhere else in the world. Things are not good. So having exposure to rare assets like Bitcoin and gold is the best bet.”
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