Tether CEO Reveals USDT Reserve Assets
29 Oct, 2024 ● Crypto News
At Lugano’s PlanB event in Switzerland, Tether CEO Paolo Ardoino addressed the company's reserve assets in response to allegations that Tether was under investigation by the U.S. Department of Justice and the Treasury.
Ardoino disclosed that Tether holds approximately $100 billion in U.S. Treasuries, over 82,000 Bitcoin valued at around $5.5 billion based on current prices, and 48 tons of gold to support its USDT stablecoin.
The CEO emphasized these asset reserves to counter the fear, uncertainty, and doubt stirred by a recent Wall Street Journal article, which alleged that U.S. authorities were investigating Tether for possible violations of anti-money laundering laws and U.S. sanctions.
Following the article’s publication on October 25, Ardoino firmly denied the claims, stating, “As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.”
He also noted Tether’s active cooperation with law enforcement agencies to recover stolen digital assets and freeze illegal transactions:
"We deal regularly and directly with law enforcement officials to help prevent rogue nations, terrorists, and criminals from misusing USDT. We would know if we are being investigated as the article falsely claimed. Based on that, we can confirm that the allegations in the article are unequivocally false."
According to Tether, the company has assisted law enforcement in recovering roughly $109 million linked to illegal activities, including fraud, sanctions evasion, and cybercrime since 2014.
Ardoino also criticized U.S. crypto regulations as falling behind those of other nations, a situation that has led many innovative digital asset firms to relocate to more favorable jurisdictions.
However, he expressed optimism that this may shift after the 2024 U.S. presidential election.
In October, Tether’s USDT reached a remarkable $120 billion market capitalization, a development seen by investors and speculators as a bullish indicator for the crypto markets, potentially driving prices higher in the near future.
Sources:
https://cointelegraph.com/news/tether-ceo-breaks-down-reserves-backing-usdt-stablecoin
