Since its launch in 2014, Tether (USDT) has become one of the biggest players in the cryptocurrency world. The stablecoin is now widely used by traders and investors as a means to move funds between crypto exchanges and to hedge against market volatility.
Tether Limited, a blockchain company behind the USDT stablecoin with a market cap of over $82 billion, announced on Wednesday, May 17 it is planning to make regular purchases of Bitcoin (BTC) for its stablecoin reserves using a percentage of its profits. The move comes as part of Tether’s new investment strategy that will be increasingly focused on Bitcoin.
Specifically, the blockchain firm said it intends to allocate around 15% of its gains from investments to acquire BTC and add the cryptocurrency to the reserve surplus. This does not include unrealized price increases of its reserve assets, Tether noted.
“Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing Bit
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