Deltec, the bank that holds Tether’s reserves, reports a large Bitcoin position

Deltec, the Bahamas-based bank that stores the assets of the Tether stablecoin issuer, has acquired a substantial amount of Bitcoin for its clients, according to Hugo Rogers, the institution’s chief investment officer.

“We are holding a large position in Bitcoin,” said Rogers. “We bought the cryptocurrency for our clients at around $9,300.”

According to him, the investments yielded fairly positive results in 2020. The tech director at Deltec expects continued price growth for the cryptocurrency in 2021 amid the loose monetary policy of central banks.

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In October 2018, Tether began storing reserves with Deltec. Previously, the stablecoin issuer was serviced by Wells Fargo. The move to change custodian followed transaction freezes that led to court proceedings.

In the first week of this year, Tether increased the supply of USDT by a record $2 billion. The amount of USDT in circulation reached 24.4 billion.

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