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Tether just announced they will be allocating up to 15% of their net profit into $BTC monthly.

In Q1 Tether_to made a net profit of $1.48B.

Assuming the net profit stays the same, that means they will be buying ~$74M USD worth or about 2775 $BTC each month going forward.

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Discussion

Bud 2y ago

Hmmmm, now where have I heard of another stablecoin talking about how much Bitcoin it would buy?

PocketCow 2y ago

It's not algorithmically backing USDt though. Personally, I'm surprised Tether is only now investing their excess profits in an asset that can't be confiscated.