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Tether increases its Bitcoin and gold holdings to $4.8B and $5B respectively

  • Tether (USDT) circulation surged to $120B, marking a 30% increase in 2024.
  • Tether’s Bitcoin and gold holdings increased to $4.8B and $5B, respectively.
  • Tether’s net equity doubled to $14.2B, while it faces ongoing legal challenges.

Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Q3 2024 Consolidated Financials Figures and Reserves Report.

Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves now stand at $5 billion, reflecting the company’s strategy to bolster its asset base amid rising global demand for its stablecoin, USDT.

Circulation of USDT increases by 30%

This quarter has been particularly notable for Tether, as the circulation of USDT has soared to a record $120 billion, marking a 30% increase in 2024.

This surge adds $27.8 billion year-to-date and positions Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion according to CoinGecko data.

Tether’s growth is indicative of the increasing reliance on stablecoins within the cryptocurrency ecosystem, driven by greater adoption and market confidence.

Tether expands its US Treasury Bills holdings

Additionally, Tether has significantly expanded its holdings in US Treasury Bills, which now total $84.5 billion, constituting the largest segment of its reserves. This strategic move has contributed to Tether’s robust financial health, with net equity doubling to $14.2 billion from $7 billion at the end of 2023.

Furthermore, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.

Despite its growth, Tether is currently navigating three civil litigation proceedings involving its holdings and operations. Notably, these cases include a class action related to Bitcoin’s price decline in 2017-2018, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a non-Tether controlled wallet.

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Florida holds $800 million in crypto, state CFO says

  • Florida has invested nearly $800 million in crypto, according to the state’s chief financial officer Jimmy Patronis.
  • Patronis shared more about Florida’s crypto investment during an interview with CNBC on Thursday, Oct. 31, 2024.
  • According to Patronis, crypto is here and its an opportunity that Florida is keen to harness.

Florida holds approximately $800 million in cryptocurrencies, the state’s chief financial officer Jimmy Patronis says.

The Florida CFO said this during an interview with CNBC’s Squawk Box on Thursday, October 31, 2024. According to Patronis, Florida’s move to add crypto investments to the state’s portfolio follows the understanding that crypto is here to stay.

“Crypto’s not going anywhere,” Patronis told CNBC, adding “We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.”

Crypto getting traction

As Florida looks to explore further opportunities with Bitcoin and the crypto market, Patronis believes the state’s current exposure to the asset class will increase significantly if Donald Trump wins the upcoming election.

His remarks come as the crypto industry views Trump as the pro-crypto candidate that will help advance the crypto industry in the United States. Like Trump, Patronis said Florida is against any form of central bank digital currency, or CBDC.

Also important is the country’s focus on getting ahead of China in the race to be the global leader of this market – which Patronis reiterated isn’t “emerging” but is already here.

Florida state pension fund’s investment in crypto adds to a growing list of state funds adding BTC and crypto to their portfolio. Among state pension funds, the State of Wisconsin Investment Board and Jersey City are the two latest entities to announce they hold crypto investments. Jercy City mayor Steven Fulop revealed the city’s plan to add spot Bitcoin ETFs to its pension fund in July.

Meanwhile, Emory University recently became the first endowment fund in the US to disclose investment in spot Bitcoin ETFs.

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Crypto.com expands into US equities market with acquisition of Watchdog Capital

  • Crypto.com acquires Watchdog Capital to enter the U.S. equities market.
  • The acquisition enables the trading of stocks and options alongside crypto services.
  • CEO Kris Marszalek promises a full range of services by year-end for investors.

Crypto.com has announced the acquisition of Watchdog Capital, LLC, a US-based broker-dealer registered with the Securities and Exchange Commission (SEC).

This strategic acquisition will enable Crypto.com to offer equities and equity options to eligible traders in the United States, marking a pivotal expansion in its service offerings.

As a registered broker-dealer, Watchdog Capital operates under the regulatory oversight of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

This integration allows Crypto.com to merge traditional asset trading—specifically stocks—with its existing cryptocurrency services, providing users with a comprehensive trading platform that addresses the growing demand for diversified financial products.

CEO Kris Marszalek highlighted the company’s commitment to creating a seamless trading experience for American investors. “By the end of this year, Crypto.com will offer a full range of services through its family of companies, including crypto derivatives and now stocks,” he stated.

This move is indicative of a broader trend in the financial industry, where companies are increasingly working to bridge the gap between traditional finance and decentralized finance.

The acquisition not only positions Crypto.com to serve a wider range of financial needs but also reflects a growing trend among cryptocurrency firms to integrate more conventional financial services.

As the landscape evolves, the platform aims to streamline trading for both crypto and traditional asset investors, offering a compliant and user-friendly pathway for US-based users seeking investment opportunities in both realms.

Crypto.com is expected to release additional details regarding trading access and eligibility requirements, further solidifying its role in the ever-evolving financial market.

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