Should We Worry About Tether’s Bitcoin-Buying Plan?

Should We Worry About Tether’s Bitcoin-Buying Plan?

Like any good Bitcoin maximalist, Tether is holding its own coins. The issuer of the largest stablecoin, USDT, disclosed that information in a recent blog post announcing it will be “regularly” buying bitcoin with its surplus profits to build up a war chest. This follows a surprisingly robust attestation (aka an “Assurance Report” completed by top five accounting firm BDO Italia, which is not the same as an audit) showing Tether netted $1.48 billion in profit in the first quarter of the year. The firm’s “excess of reserves” has about doubled to $2.4 billion, which I think would be included in its $81.8 billion in “consolidated total assets” (most of which would be the cash, cash-like

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