Tether, the company that issued the most prestigious stablecoin in the world, USDT, has made an investment of $618 million in Bitcoin, resulting in the acquisition of 8,889 units of the digital currency.
As a result of the transaction, Tether's Bitcoin holdings have increased to a total of more than 75,000 BTC, which places the corporation in the seventh position among Bitcoin holders worldwide.
The purchase comes at a time when there is a surge of increased institutional interest in Bitcoin.
This interest is being spurred by the legalization of spot Bitcoin exchange-traded funds in the United States and the anticipation of the Bitcoin halving event, which is scheduled to reduce the amount of blocks that are issued by half later this month.
In addition to its activities with cryptocurrencies, Tether is expanding its technological horizon boundaries.
For the purpose of fostering innovation and accessibility in the artificial intelligence arena,
the firm is digging into artificial intelligence technology with the goal of developing open-source, multimodal AI models that have the potential to redefine industry norms.
Recently, the USDT token issued by Tether reached a new benchmark by reaching a market cap of $100 billion. This achievement makes it the first stablecoin to reach this milestone.
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