DefiLlama Founder: Tether holds $7.8 billion in Bitcoin reserves, stability capability better than USDC

According to the Gate.io News bot, as reported by Wu Shuo, 0xngmi, the founder of DefiLlama, disclosed that Tether currently holds $7.8 billion in Bitcoin reserves, which gives it the ability to quickly stabilize in the event of a stablecoin de-pegging. In contrast, Circle (USDC) mainly holds its assets in banks.

In response to user criticism that Circle lobbied the EU to exclude USDT, leading to the introduction of the MiCA bill, 0xngmi pointed out that Tether still has unfinished compliance matters.

ZachXBT, the on-chain detective, further pointed out that the requirement in the MiCA bill for issuers to deposit 60% of their reserves into EU banks is problematic, as this requirement imposes additional risks on the issuers.

BTC-1.81%
USDC-0.02%
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