La actividad de reserva de Tether resurge con una transferencia Bitcoin de $705 millones de Bitfinex, las tenencias alcanzan un máximo de 82K BTC
La incorporación se produjo tras el anuncio de Tether en mayo de 2023 de que utilizaría las ganancias para comprar Bitcoin para sus reservas y explorar empresas mineras Bitcoin .
Tether continúa la acumulación Bitcoin a medida que disminuye el suministro de USDT
En abril de 2024, Tether compró otros 8.888 BTC por 600 millones de dólares, aumentando sus tenencias a más de 75.000 BTC en ese momento. Esta adquisición posicionó a Tether como el séptimo mayor poseedor Bitcoin a nivel mundial, una actualización descubierta a través de datos en cadena en lugar de una divulgación oficial de la compañía.
Tether compró otros 650 millones de dólares en BTC en el primer trimestre.
- Vivek⚡️ (@Vivek4real_) 4 de mayo de 2024
Ahora poseen $5 mil millones en #Bitcoin 🤯 pic.twitter.com/22vc5dhelg
Tether had vowed to allocate up to 15% of its net realized operating profits toward purchasing Bitcoin starting this month.
“Bitcoin has consistently demonstrated its resilience, establishing itself as a long-term store of value with significant growth potential,” said Paolo Ardoino, Tether’s Chief Technology Officer.
He highlighted Bitcoin’s limited supply, decentralized framework, and increasing adoption as enough reasons for the largest crypto by market cap to attract institutional investors.
While Tether continues to expand its Bitcoin reserves, its USDT stablecoin has experienced a sharp contraction. According to Coinmarketcap data, USDT’s circulating supply has dropped by more than $1.1 billion in the last seven days.
The drop could have been sparked by Tether’s hesitance to collaborate with Markets in Crypto-Assets Regulation (MiCA) regulations. MiCA has directed exchanges to delist the stablecoin by the end of the year if Tether does not comply with the agency’s rules.
As the most widely used stablecoin, USDT plays a critical role in providing liquidity across cryptocurrency markets. The reduced supply has diminished liquidity for Bitcoin transactions, causing a decrease in buying pressure.
Bitcoin’s price has been hovering around $92,000, with trading volumes on the decline. Indicators such as the Relative Strength Index (RSI), which has fallen to 44.78, and the On-Balance-Volume (OBV), now at 90K, point to bearish sentiments and reduced market participation.
European stablecoin market grows following regulatory clarity
In Europe, the stablecoin landscape is evolving and fueled by regulatory clarity from MiCA. Tether’s decision to discontinue its EURt stablecoin has created opportunities for new entrants. Societe Generale’s SG-Forge recently launched its Euro-backed stablecoin for retail investors, while financial institutions like Oddo BHF SCA, Revolut, and BBVA are exploring similar initiatives.
Jean-Marc Stenger, CEO of SG-Forge, confirmed that discussions are underway with multiple banks about partnerships and white-labeling technology for stablecoin issuance. Despite the heavy regulatory requirements, Stenger expressed confidence that more banks would enter the space.
Major banks, including JPMorgan Chase, are simultaneously exploring deposit tokens. These tokens are tied to bank accounts but differ from stablecoins in that they often cannot be transferred across institutions. JPMorgan’s Kinexys unit predicts that interest in bank-issued stablecoins will accelerate in the next three years, driven by customer demand and profitability prospects.
However, not all financial institutions are eager to enter the stablecoin market. Xapo Bank in Gibraltar, for instance, has chosen not to issue its own stablecoin, citing Tether’s dominance. Instead, the bank aims to integrate blockchain efficiency with traditional banking security, allowing customers to deposit stablecoins into savings accounts without competing directly in the issuance space.
“We don’t want to be in that space, we want to be the tool that allows the efficiency of the blockchain network to interact with the legacy, security of your bank account,” Joey Garcia, Xapo Bank’s chief legal officer, remarked.
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