Tether, the issuer of the largest stablecoin USDT, has added 8,888.8888 Bitcoin (BTC) to its portfolio on March 31, 2024. Now Tether’s wallet holds a total of 75,354 BTC.
Tether and the purchase of almost 8,900 Bitcoin on its wallet
Tether, the crypto company behind the largest market capitalization stablecoin, USDT, continues to accumulate Bitcoin.
According to what is reported by Arkham Intelligence, a blockchain tracker, Tether purchased new 8,888.8888 BTC on March 31, 2024.
This amount is added to the existing Bitcoin in Tether’s wallet, which since May 2023 has stated that it will use part of its profits (15%) to accumulate BTC.
Today, in fact, the total amount of bitcoins “held” by Tether amounts to 75,354 BTC. At the current price of $69,000, Tether should be a holder of about 5.2 billion dollars. This means that the profits of the company behind USDT amount to about 3 billion dollars today.
The present purchase adds to the 8,888.888 BTC already purchased in the last quarter of 2023, investing 380 million dollars in the process.
Tether and the Bitcoin Film Festival: Plan ₿ initiative in Lugano
In addition to its strong Bitcoin purchases, Tether is also involved in the Plan ₿ of Lugano where, last October 2023, it was presented the Bitcoin Film Festival.
Basically, it was an initiative aimed at showing the power of storytelling through film, with particular attention to the impact that Bitcoin has on the transformation of society and the economy.
Inside the Bitcoin Film Festival, documentaries and films on the subject were hosted, in order to educate, inspire, and provoke reflection on the future of finance and personal freedom.
The event offered a convergence between the world of cinema and the world of Bitcoin, and took place during the second edition of Plan ₿, and it was free and open to the public.
The market cap of the USDT stablecoin
In these last 24 hours, the USDT market cap chart has recorded a clear pump from 104.49 billion dollars to 104.77 billion dollars.
At the time of writing, the market cap of the largest stablecoin is $104.65 billion.
Staggering figures if you think that the $100 billion market capitalization was reached by Tether (USDT) only on March 5, 2024, not even a month ago.
Not only that, at the beginning of 2024, USDT started with a total capitalization of 95 billion dollars. This means that in the first quarter of 2024, the market cap of USDT has grown by almost 10 billion dollars.
Strong results therefore for the stablecoin, which for all of 2023, instead, its market cap had grown “only” by almost 30 billion dollars.