Tether Buys $5B in Bitcoin to Back USDT, Now Holds Over 75K Coins

• Tether now holds over $5 billion worth of Bitcoin to back USDT stablecoin • The company bought 8,889 BTC in Q1 2022, now holds over 75,354 BTC total • Tether aims to allocate up to 15% of profits to buying Bitcoin as a reserve asset • The stablecoin USDT has faced past criticism over transparency of its backing • Bitcoin's price has recently dropped nearly 3% to under $69,000 per coin