In mid-January, the capitalization of the largest stablecoin, Tether (USDT), exceeded $95 billion.
The dominance of USDT in the market of digital currencies pegged to the U.S. dollar increased from 50% to 71% in 2023, according to Glassnode.
As The Block portal specifies, Tether has invested about $2.8 billion in bitcoin (BTC). Last May, the stablecoin issuer announced its intention to allocate up to 15% of its profits to the purchase of the largest cryptocurrency.
At the end of the fourth quarter of 2023, Tether acquired 8,888 BTC and spent more than $380 million on this volume of digital currency.
In addition, the management of Tether in 2023 announced its participation in projects to expand the infrastructure for bitcoin mining.
CTO Paolo Ardoino confirmed in November that his company had loaned $610 million to German miner Northern Data Group.
In parallel, Tether plans to launch its own businesses for cryptocurrency mining.