Tether CEO Paolo Ardoino has addressed latest hypothesis, firmly denying that the stablecoin issuer offered any of its Bitcoin holdings to buy gold.
Tether reaffirms bitcoin funding technique
In a publish on X, Ardoino acknowledged:
“[Tether] didn’t promote any Bitcoin.”
He reaffirmed its technique of allocating income into belongings like “Bitcoin, gold, and land.”
This response got here after YouTuber Clive Thompson pointed to a lower in Tether’s reported Bitcoin place from 92,650 BTC in Q1 to 83,274 BTC in Q2, suggesting a attainable sell-off.
Transfers to Twenty One Capital clarified
Jan3 CEO Samson Mow clarified the scenario, noting that Tether had transferred 19,800 BTC to the Bitcoin-native monetary platform Twenty One Capital (XXI), not offered them.
The switch included 14,000 BTC in June and one other 5,800 BTC in July. Mow defined:
“Tether would have had 4,624 BTC greater than on the finish of Q1 if the switch is accounted for.”
Tether’s official information reveals it holds over 100,521 BTC, valued at round $11.17 billion.
El Salvador diversifies reserves
In the meantime, El Salvador’s central financial institution introduced the acquisition of 13,999 troy ounces of gold value $50 million, its first gold buy since 1990.
The transfer is a part of a broader reserve diversification technique, decreasing reliance on the US greenback.
The nation beforehand constructed a $700 million bitcoin reserve, holding 6,292 BTC.