Tether's Bitcoin Bet Competes with MicroStrategy, Potential Market Volatility
Tether's recent decision to invest in Bitcoin on a monthly basis has put it in competition with MicroStrategy and could potentially cause market volatility. CryptoSlate's market report provides an in-depth analysis of this move and its potential impact. The report also highlights the implications of Tether's Bitcoin investment strategy.
Tether Partners with KriptonMarket to Support USDT Transactions in Buenos Aires' Central Market, Aiming to Provide Inflation Hedge for Small Businesses.
Tether, the issuer of the world's largest stablecoin, has partnered with KriptonMarket to enable USDT transactions in the Central Market of Buenos Aires. This collaboration will allow market merchants to accept USDT as payment for goods and pay bills and a portion of employees' wages with the same stablecoin. The move is particularly exciting for merchants and customers in Argentina, which is currently experiencing hyperinflation. Tether hopes that this payment system will shield small-scale businesses from the country's inflation rate and eliminate intermediation costs by enabling direct digital transactions between businesses and their final consumers. Additionally, Tether and KriptonMarket will conduct educational programs to raise the next generation of crypto enthusiasts and blockchain businesses in Buenos Aires.
Tether Partners with KriptonMarket to Bring USDT Payments to Businesses in Argentina
Tether has partnered with KriptonMarket to enable local businesses in Argentina to accept payments in USDT, a stablecoin. The collaboration will bring USDT acceptance to the Central Market of Buenos Aires, which consists of 900 wholesale merchants and 50 retailers.
Tether's market capitalization is close to $84 billion, nearly three times the value of its competitor USDC
Tether's USDT stablecoin is approaching its all-time high market capitalization of $84 billion, which it set in May 2022. This comes as the value of Circle's USDC has fallen due to regulatory troubles and concerns over reserves being trapped in Silicon Valley Bank. Tether attributed its recovery to increased demand brought on by investor confidence in its "solvency." The leading stablecoin's value is almost three times higher than that of Circle’s USDC, its largest rival. Tether plans to divert up to 15% of profits into Bitcoin purchases as part of a "stability" push.
Stablecoin Issuers Spend Over a Million Dollars Lobbying Lawmakers on Capitol Hill for Regulatory Framework
Stablecoin issuers, including Tether and Circle, have spent over a million dollars lobbying lawmakers on Capitol Hill since the beginning of 2022. This comes as pressure mounts to establish a regulatory framework for dollar-pegged digital assets. Tether has spent around $600,000 on lobbying efforts so far this year, while Circle has spent at least $560,000. The lobbying efforts have focused on educating policymakers on stablecoin and cryptocurrency issues and monitoring cryptocurrency proposals.
Tether and KriptonMarket Partner to Transform Payment Landscape for Small Businesses in Argentina's Central Market with Stablecoin Payments
Tether, the leading blockchain platform behind the world's first stablecoin, has partnered with KriptonMarket to bring financial stability and independence to small businesses in Argentina. The partnership aims to transform the payment landscape for the Central Market of Buenos Aires, one of the largest fruit and vegetable markets in Latin America. Through this initiative, wholesale and retail merchants at Mercado Central will be able to accept USDt payments, settle bills using USD via KriptoPayments, and even pay a portion of their employees' salaries in USDt. The program also includes educational programs across the city to foster a new generation of blockchain enthusiasts and professionals in Buenos Aires.
Tether Minimized Exposure to Banks by Withdrawing Almost $5 Billion in 2023
Tether, the issuer of USDT stablecoin, has withdrawn over $4.8 billion in bank deposits in the first quarter of 2023 to minimize its exposure to banks. The move was aimed at protecting itself from bank collapses despite holding deposits at different institutions. Tether has now minimized its exposure to banks and has $481 million in bank deposits after keeping $5.3 billion in banks at the start of the year. The company has also revealed its precious metal and crypto reserves, with 4% of its USDT reserves in gold and about 1.8% in Bitcoin (BTC).
Tether to Invest Profits in Bitcoin, Diversifying Its Stablecoin Reserves
Tether, the global stablecoin leader, has announced a new investment strategy that involves regularly setting aside a portion of its profits to purchase Bitcoin. The company plans to invest up to 15% of its profits in Bitcoin, moving away from U.S. government debt. Tether's Bitcoin holdings were reported to be around $1.5 billion at the end of Q1, and the company is looking to consistently increase its Bitcoin reserves. Tether views Bitcoin as a long-term investment opportunity and plans to use actual profits from its investment activities to buy BTC.
Tether Plans to Buy Bitcoin Every Month to Strengthen Reserves Portfolio
Tether, the platform behind the largest stablecoin USDT, has announced that it will allocate up to 15% of its net realized operating profits towards purchasing Bitcoin every month. This move is aimed at further strengthening its reserves portfolio and diversifying its reserves. Tether already holds $1.5 billion in Bitcoin, which backs only 1.83% of its near-$83 billion market cap. The decision to invest in Bitcoin is underpinned by its strength and potential as an investment asset, according to Paolo Ardoino, the CTO of Tether. The USDT market cap soared to a record high in Q1 but has since flatlined.
Tether to Invest Up to 15% of Profits in Bitcoin, Shift Reserves Away From US Government Debt
Tether, the issuer of the world's largest stablecoin, has announced that it will invest up to 15% of its profits in bitcoin as it shifts its reserves towards cryptocurrency and away from U.S. government debt. The company currently holds $1.5 billion in bitcoin, accounting for about 2% of its reserves, and plans to buy more on a regular basis.
