Bitcoin rebound drove most of Tether’s $3.8 billion reserve recovery
AI summary
Tether's reserve cushion recovered by $3.8 billion, and most of that gain came from higher marks on bitcoin and gold, according to Unchained's count of the issuer's quarterly reserve reports. The recovery strengthens the backing behind USDT, the largest stablecoin by market value. Traders care because Tether's reserves underpin crypto market liquidity, and a healthier cushion reduces concerns about the stablecoin's backing.
