Tether CEO Paolo Ardoino took the stage at Lugano’s PlanB event in Switzerland to provide a breakdown of the reserve assets backing the company’s Tether-USD stablecoin (USDT) following allegations that the firm was under investigation by the United States Department of Justice and the Treasury.
Ardoino revealed that Tether holds approximately $100 Billion in US treasuries, more than 82,000 Bitcoin (BTC), valued at roughly $5.5 billion using current market prices, and 48 tons of gold.
The Tether CEO highlighted the asset reserves amid the fear, uncertainty, and doubt caused by a recent Wall Street Journalarticle, which claimed that US authorities were probing the firm for allegedly violating anti-money laundering laws and US sanctions.
The Wall Street Journal ruffles feathers in the crypto world
Following thepublication of the articleon Oct. 25, The Tether CEO vociferouslydeniedthe claims, stating “As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.” Ardoino also highlighted Tether’s record of working with law enforcement agencies to recover stolen digital assets and freeze illicit transactions:
According to the stablecoin firm, Tether has helped law enforcementrecover approximately $109 millionused in illicit activities such as fraud, sanctions evasion, and cybercrime since 2014.
Ardoino also recentlycriticized US crypto regulatory policyas lagging other countries, which has caused many innovative digital asset firms to move from the United States to more favorable jurisdictions. However, the Tether CEO also expressed confidence that this would shift following the 2024 US Presidential election.
Tether’s USDT hit a staggering$120 billion market capitalizationin Oct. 2024. Investors and speculators see this as a bullish sign for the crypto markets that may drive prices higher in the coming weeks and months.
Tethers CEO provides detailed explanation of reserves supporting USDT stablecoin