Stablecoin issuer Tether has reportedly become the 11th largest holder of bitcoin in the world, with an address potentially belonging to Tether holding around 55,022 bitcoins worth $1.6 billion. Tether has not officially disclosed its bitcoin addresses, but the value of holdings matches with the total bitcoin mentioned in Tether's second-quarter reserves report. However, Tether's large bitcoin holdings could pose risks given the cryptocurrency's highly volatile nature, according to research analysts. Tether has also been criticised for not publishing proper audits of its reserves, with Binance CEO Changpeng Zhao calling it a "black box".
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Tether Becomes 11th Largest Bitcoin Holder, Raising Questions About Market Impact and Risk
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