The issuer of the largest stablecoin USDT has disclosed new data on the structure of its reserves. Tether CEO Paolo Ardoino confirmed that the company holds approximately 150,000 BTC — significantly more than the bitcoin position previously reflected in the official reserve report for the second quarter.
The difference between the disclosed data and the reporting is striking: it concerns an additional 51,000 BTC that were not accounted for in the quarterly report. Such a gap indicates that the USDT issuer continues to actively increase its bitcoin exposure, allocating part of its profit into the first cryptocurrency as part of a reserve diversification strategy.
What lies behind the numbers
A position of 150,000 BTC places Tether among the largest institutional holders of bitcoin in the world. For comparison: such a volume is comparable to the reserves of a number of public companies and specialized funds focused on digital assets. At the same time, it is important to understand that these funds are formed from the company's net profit, not from the backing of USDT — that is, they constitute an additional capital cushion.
Such a policy reflects a broader trend: major players in the crypto market infrastructure view bitcoin as a strategic reserve asset. For Tether, this is simultaneously a hedging method and a tool for increasing confidence in the resilience of its business model, since excess capital beyond stablecoin liabilities strengthens the issuer's financial stability.
The disclosure comes amid heightened attention from regulators and market participants to the transparency of stablecoin reserves. The discrepancy between public statements by management and the quarterly reporting underscores the importance of regular and detailed disclosure of the asset structure — an issue that remains central to the institutional adoption of USDT.
Cryptalist analysis: The disclosure of 150,000 BTC demonstrates that Tether is transforming from a pure stablecoin issuer into a systemic holder of digital assets, which strengthens its influence on the market. However, the gap of 51,000 BTC between the statement and the reporting raises questions about accounting methodology and may intensify regulators' demand for stricter disclosure standards. For the market, this is a signal of the growing concentration of bitcoin in the hands of infrastructure players — a factor that institutional investors will take into account when assessing liquidity risks.