Tether's CEO Paolo Ardoino announced ownership of 100,000 BTC (approximately $11.3 billion) and 50 tons of gold. The company aims to become the largest Bitcoin miner in the world. Tether has also partnered with Rumble to develop a wallet focused on BTC.
What does this mean? The increase in Bitcoin reserves at Tether $USDT indicates long-term confidence in the cryptocurrency, but ambitions in mining could lead to centralization of computing power, which poses a risk to decentralization.
Tether has also hired Bo Hines, the former director of the Crypto Council at the White House, to help the company adapt to new regulatory changes in the U.S. prompted by the GENIUS Act. Hines will promote compliance of USDT with requirements and expand internal investments (over $5 billion already invested). What this means: A neutral-positive signal. Tether demonstrates a serious approach to adhering to American regulations; however, Hines' swift transition from regulator to advisor raises questions about the consistency of positions. Success depends on the ability to balance between transparency requirements and the dominance of USDT in foreign markets.