Key Takeaways:
- Asset Backing: Tether CEO Paolo Ardoino revealed Tether’s USDT is backed by $100 billion in U.S. treasuries, 82,000 BTC worth $5.5 billion, and 48 tons of gold.
- Response to Investigation Claims: Ardoino disputed reports suggesting U.S. authorities are investigating Tether, stating these claims are “unequivocally false” and reaffirming Tether’s cooperation with law enforcement.
- Regulatory Critique: Ardoino criticized U.S. crypto regulations as a barrier, suggesting they may push companies offshore, with potential improvement anticipated post-2024 election.
At the PlanB conference in Lugano, Tether CEO Paolo Ardoino outlined the reserves backing Tether’s USDT stablecoin, addressing scrutiny by U.S. authorities, including the Department of Justice and the Treasury.
Tether’s assets include $100 billion in U.S. treasuries, over 82,000 Bitcoin, and 48 tons of gold.
JUST IN : Tether CEO confirms their reserves hold a total of 82,454 BTC and 48.3 tons of gold. 💰📈 #Tether #Bitcoin @LuganoPlanB pic.twitter.com/QRCi1hqMO2
— Tran Hung (@spaftu) October 26, 2024
Ardoino countered recent reports from the Wall Street Journal, dismissing claims that Tether is under investigation, calling the allegations “old noise” and stating Tether has no knowledge of any such inquiry.
He emphasized Tether’s active collaboration with law enforcement to prevent criminal misuse of USDT, highlighting that Tether has helped recover around $109 million linked to illicit activities since 2014.
At Tether, 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…
— Paolo Ardoino 🤖🍐 (@paoloardoino) October 25, 2024
Criticizing U.S. regulatory approaches as lagging, Ardoino suggested that U.S. policies could be driving crypto firms abroad but expressed hope for potential change post-2024 election.
Meanwhile, Tether’s USDT reached a record $120 billion market cap, signaling investor confidence in the broader crypto market.
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