Rumors have spread across the crypto industry that Tether, the issuer of the world’s largest stablecoin USDT, is selling off parts of its massive Bitcoin holdings to buy gold.
Taking those transfers into account, Tether actually ended Q2 with a net increase of 4,624 BTC compared to Q1, and including the July allocation, the company’s overall position grew by more than 10,000 BTC. Mow described the rumors as yet another example of desperation for bearish Bitcoin headlines and said that Tether’s stance on BTC is overwhelmingly bullish.
Responding to Samson Mow’s comments, Tether’s CEO Paolo Ardoino also addressed the speculation directly, and his response rejected the idea that the company had liquidated any of its Bitcoin to acquire gold. He clarified that the apparent reduction in the company’s Bitcoin reserves was tied to transfers into the firm’s investment arm, Twenty One Capital (XXI), and not to any sale.
