Tether Deepens Its Engagement in the Bitcoin Ecosystem: Strategic Layout Sparks Controversy

At a recent Bitcoin conference, Tether CEO Paolo Ardoino expressed his views on Bitcoin in a symbolically rich manner. This statement actually reflects Tether's deep involvement strategy in the Bitcoin ecosystem.

As the largest issuer of stablecoins in the world, Tether is deeply involved in the Bitcoin ecosystem in multiple ways. From asset allocation to mining operations, and from ecological investments to infrastructure development, Tether is gradually strengthening its influence in the emerging financial order.

However, these actions by Tether have also sparked a lot of controversy. Some viewpoints question whether Tether artificially inflated the price of Bitcoin by issuing more USDT, creating a system that cycles between Bitcoin reserves, gold support, and USDT issuance.

Bitcoin Reserve Strategy Sparks Controversy

Tether has been regularly using part of its net profits to purchase Bitcoin since May 2023. As of the first quarter of 2025, the Bitcoin held by Tether is valued at approximately $7.66 billion, showing significant growth compared to the previous quarter.

Ardoino recently revealed that Tether currently holds over 100,000 Bitcoins and over 50 tons of gold. In just the year 2024, Tether achieved a net profit of 13.7 billion USD, with about 5 billion USD coming from gold and Bitcoin investments.

However, some industry insiders have questioned Tether's practices. There are views that Tether has created a potentially unsustainable cycle by continuously issuing USDT and purchasing Bitcoin. This model is referred to by some as a "house of cards," suggesting that once the stablecoin faces regulation or the demand for Bitcoin decreases, the entire system may be at risk.

Tether has also participated in the establishment of a large-scale Bitcoin asset management platform, which is seen as a strategic layout to benchmark against a well-known enterprise. However, this move has also sparked some controversy, with questions raised about the sustainability of its funding sources and operating model.

Expand Mining Business Territory

In addition to asset reserves, Tether is also actively laying out its Bitcoin mining operations. Starting from 2023, Tether has launched renewable energy-driven Bitcoin mining projects in several countries, including Uruguay, El Salvador, and Paraguay, with a total investment of 500 million USD.

Tether is also expanding its global mining footprint through investments and acquisitions, involving multiple aspects such as chip procurement, server manufacturing, and data center construction. Recently, Tether announced that it will open source its Bitcoin mining software to lower the entry barrier for new miners to enter the market.

According to Ardoino, Tether's investment in the energy and infrastructure sectors has exceeded $2 billion, and it is expected to become one of the largest Bitcoin miners in the world by the end of this year.

Comprehensive Layout of the Bitcoin Ecosystem

Tether's strategic layout covers multiple aspects of the Bitcoin ecosystem. On the technical level, Tether issues USDT to various Bitcoin-related protocols and sidechain networks. In terms of tool development, Tether has launched a self-custody wallet that supports Bitcoin and USDT. In the payment ecosystem, Tether has supported the development of open-source cryptocurrency payment processors.

In the fields of culture and education, Tether promotes Bitcoin culture through hosting summits, sponsoring sports clubs, and other methods. At the same time, Tether collaborates with several universities to promote the dissemination of Bitcoin knowledge and the cultivation of the next generation of crypto natives.

Ardoino stated that Tether aims to contribute to building a more accessible, resilient, and useful Bitcoin ecosystem. He emphasized that the development of Bitcoin is not about any individual, but about the global community's commitment to an idea.

Tether's actions demonstrate its deep involvement and long-term planning within the Bitcoin ecosystem. However, these actions have also sparked extensive discussion and controversy in the market, and their impact and sustainability will require time to be tested.