Tether Invests $735 Million in Bitcoin, Fuels Stablecoin Expansion

Tether, a prominent stablecoin issuer, has taken a significant step by purchasing 8,888 bitcoins worth approximately $735 million. This move aligns with Tether’s continued dominance of the stablecoin market, holding 61% of the total supply and boasting a market cap of $144 billion. Furthermore, the company mints an additional $1 billion in USDT on the Tron blockchain, bringing its total USDT issuance on the platform to $8 billion this year. Tether’s actions signal a strategic effort to expand its operations and solidify its position within the cryptocurrency landscape.