การเพิ่มดังกล่าวเกิดขึ้นหลังจากการประกาศของ Tether ในเดือนพฤษภาคม ปี 2023 ว่าจะใช้ผลกำไรเพื่อซื้อ Bitcoin เพื่อเป็นทุนสำรอง และสำรวจกิจการขุด Bitcoin
ในเดือนเมษายน ปี 2024 Tether ซื้ออีก 8,888 BTC ในราคา 600 ล้านดอลลาร์ เพิ่มการถือครองเป็นมากกว่า 75,000 BTC ในขณะนั้น การเข้าซื้อกิจการครั้งนี้ทำให้ Tether กลายเป็นผู้ถือครอง Bitcoin รายใหญ่อันดับ 7 ของโลก การอัปเดตถูกเปิดเผยผ่านข้อมูลออนไลน์ แทนที่จะเป็นการเปิดเผยอย่างเป็นทางการจากบริษัท
Tether ซื้อ BTC อีกมูลค่า 650 ล้านดอลลาร์ในไตรมาสที่ 1
— วิเวก⚡️ (@Vivek4real_) 4 พฤษภาคม 2024
ตอนนี้พวกเขาเป็นเจ้าของ #Bitcoin มูลค่า 5 พันล้านดอลลาร์ 🤯 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.
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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