Tether to Allocate 15% of Profits to Regular Bitcoin Purchases.

Tether, the issuer of the world's largest stablecoin, USDT, has announced that it will invest 15% of its net profit, approximately $222 million, into bitcoin to diversify its reserve assets. Tether's CTO, Paolo Ardoino, stated that the decision to invest in bitcoin was underpinned by its strength and potential as an investment asset. Tether's USDT token aims to stick to a 1-to-1 peg to the U.S. dollar and has a circulating supply of over $82.8 billion. However, Tether and its USDT token remain a source of contention in the crypto market, with concerns over the quality of its reserve assets and ongoing investigations by the U.S. Department of Justice.