Tether has added $1 billion worth of bitcoin to its reserves, boosting its total BTC holdings to $9.7 billion, according to Arkham Intelligence. The purchase of 8,889 BTC came from a wallet linked to Bitfinex, a crypto exchange closely tied to Tether.

A Chinese woman has been convicted in a UK court for running a bitcoin-based fraud that stole billions from victims in China.

Bridge, a crypto unit owned by Stripe, is applying for a U.S. national trust charter and a New York State trust license, aiming to comply with new federal rules for stablecoin issuers.

Top stories in the Crypto Roundup today:

• Tether Adds $1B in Bitcoin as USDT Stablecoin Supply Nears $175B
• Chinese Woman Convicted in UK for $6.9B Bitcoin Fraud 
• Stripe’s Bridge Seeks U.S. Banking Charter as Stablecoin Rules Take Shape

Tether Adds $1B in Bitcoin as USDT Stablecoin Supply Nears $175B

Tether has added $1 billion worth of bitcoin to its reserves, boosting its total BTC holdings to $9.7 billion, according to Arkham Intelligence. The purchase of 8,889 BTC came from a wallet linked to Bitfinex, a crypto exchange closely tied to Tether.

The move follows a pattern of end-of-quarter bitcoin buys by Tether, which has also invested in gold and backed bitcoin treasury firm Twenty One Capital. The firm reported $8.9 billion in BTC holdings in June.

At the same time, the supply of Tether’s USDT stablecoin has grown to $174.6 billion, up 10.7% over the last quarter, maintaining its lead in the stablecoin market.

Tether also recently launched USAT, a stablecoin built for the U.S. market and operating under federal rules, with leadership from former White House crypto advisor Bo Hines.

Chinese Woman Convicted in UK for $6.9B Bitcoin Fraud Scheme

A Chinese woman has been convicted in a UK court for running a bitcoin-based fraud that stole billions from victims in China.

Zhimin Qian, also known as Yadi Zhang, pleaded guilty to her role in the 5.1 billion pounds ($6.9 billion). Between 2014 and 2017, she defrauded more than 128,000 people in China and converted the proceeds into bitcoin before fleeing to the UK, according to the Metropolitan Police.

Authorities seized 61,000 BTC connected to the case, worth over $6.9 billion at current prices. Police called it likely the largest cryptocurrency seizure ever.

Qian attempted to launder the funds by purchasing London real estate with help from her associate Jian Wen, who was sentenced last year to over six years in prison.

The UK government may consider selling the seized BTC, a move that could impact bitcoin markets, as seen when Germany sold off a large crypto haul in 2024.

Stripe’s Bridge Seeks U.S. Banking Charter as Stablecoin Rules Take Shape

Bridge, a crypto unit owned by Stripe, is applying for a U.S. national trust charter and a New York State trust license, aiming to comply with new federal rules for stablecoin issuers.

The move follows the passage of the Genius Act, signed into law in July, which puts stablecoins under the supervision of the Office of the Comptroller of the Currency (OCC). The law encourages stablecoin use for everyday payments.

Stripe bought Bridge earlier this year and on Tuesday launched a new platform to help businesses create their own branded stablecoins.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.