• Tether invested a large portion of profits into BTC.
• However, BTC miners got skeptical.

After the collapse of the Silicon Valley Bank (SVB), Tether’s [USDT] biggest competitor, Circle [USDC], got impacted severely. Due to the FUD caused by this, USDT could capture a large amount of market share in the stablecoins sector.

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A win-win for BTC and USDT?

As the overall profits generated by Tether, its parent company, skyrocketed, much of these earnings were allocated to buying U.S. treasury bills. However, there were other avenues where Tether invested. A huge amount of their earnings were invested in Bitcoin [BTC].

According to the data, Tether has $1.5 billion worth of BTC held in its reserves.

In Q1 alone, Tether acquired 52,670 BTC. If Tether continues to dominate the stablecoin market, there could be positive implications for BTC’s price.

Inasmuch, Andrew Kang, CEO of Mechanism Capital, a crypto investment firm, stated that if Tether continues to buy BTC with their profits, it could undermine the selling pressure on BTC that would occur due to U.S. government’s holdings.

At press time, the U.S government
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Author: Himalay Patel

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