21.co, a collective of analysts, suggests that Tether, issuer of USDT, could eventually rise to the ranks of the 11 largest global holders of bitcoins.
Tether, the company in the world’s largest BTC holders?
On Friday, August 4, a revelation from Tom Wan, a 21.co analyst (a group of research experts), has shed light on the USDT issuer’s position within the cryptocurrency ecosystem. For Tom, Tether could eventually rank 11th among the world’s largest Bitcoin (BTC) addresses.
According to reports, this statement has been backed up by a source with direct knowledge of the matter, confirming the effective link between the address bc1qj and Tether.
These recent revelations are based on the attestation report issued by Tether in the second quarter of 2023, highlighting a marked growth in its excess reserves.
According to the report, excess reserves at Tether soared, recording a spectacular increase of $850 million, bringing the total to around $3.3 billion. These reserves, although not distributed to shareholders in the form of dividends, play a vital role in guaranteeing the security of all USDT in circulation and maintaining the token’s stability.
Tether (USDT), A Bitcoin whale?
During the first quarter, the company had reported owning more than $1.5 billion in BTC, equivalent to approximately 53,495 bitcoins. This sum has experienced significant growth, increasing by more than $176 million, bringing the total value to around $1.676 billion, equivalent to around 55,022 BTC.
Research analyst Tom Wan had previously put forward this hypothesis, placing Tether as the 12th largest holder of BTC. However, the information currently confirmed by the Q2 2023 report undoubtedly establishes that this unique address does indeed belong to Tether, propelling the company to 11th place among the world’s largest bitcoin holders.
Is it good news for the ecosystem that the company owns so much Bitcoin? It’s a question we all have to ask ourselves…
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.
