Tether's Bitcoin Holdings Surpass $5 Billion as Company Continues to Buy the Cryptocurrency

According to blockchain data, Tether, the stablecoin issuer, now holds over $5 billion worth of Bitcoin, with more than 75,354 Bitcoin in its wallet. Tether has been buying the largest digital asset by market cap as part of its strategy, and has said that it would allocate up to 15% of its net realized operating profits towards purchasing Bitcoin. The stablecoin is widely used by traders for buying and selling digital assets, and has a much higher 24-hour trading volume mark than Bitcoin. Tether has been criticized in the past for not being transparent enough about what backs USDT, and news reports have claimed the cryptocurrency is used to break the law.