Tether, the crypto firm behind the USDT (USDT) stablecoin, has added about $1 billion worth in bitcoin (BTC) to its reserves, bringing holdings to $9.7 billion as the supply of its flagship stablecoin rose to nearly $175 billion.

Blockchain data by Arkham Intelligence shows that the address tagged as "Tether: Bitcoin Reserves" received 8,889 BTC from a wallet of Bitfinex, the crypto exchange closely associated with Tether. The address currently holds $9.7 billion in BTC based on the current price of about $113,000, per Arkham.

The latest maneuver fits into a pattern of Tether accumulating the largest cryptocurrency, alongside with gold, adding to its BTC stash at the end of quarters. Similar transactions happened at the end of March, December and last September, Arkham data shows. In Jun

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