The US government has transferred $470 million in seized Bitcoin and Tether to Coinbase Prime, the institutional platform selected by the US Marshals Service in July 2024. This operation stands out from previous transfers because it includes Tether (USDT) for the first time, despite the government holding significant amounts of the stablecoin. The US government holds an estimated $20-28 billion in crypto, including roughly 324,000-325,000 BTC. The Strategic Bitcoin Reserve created by executive order in March 2025 prohibits the sale of seized BTC, but this policy does not cover Tether. Transfers to a custodian are not automatically equivalent to sales, but they raise questions about the active management of the government’s crypto portfolio.
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