The CEO of Tether, the company that issues the USDT stablecoin, has announced that they are holding 82,454 Bitcoin (BTC) and 48.3 metric tons of physical gold as reserve assets backing the USDT stablecoin.
As USDT’s value slipped to 0.9986 USD and questions arose about a potential U.S. government investigation, Tether’s CEO Paolo Ardoino decided to disclose the company’s reserve assets.
According to Ardoino, Tether holds an impressive reserve portfolio, including:
Approximately $100 billion in U.S. Treasury bonds
82,454 Bitcoin, worth $5.5 billion at current prices
48.8 metric tons of gold
This move follows a Wall Street Journal report that the U.S. Department of Justice and Department of the Treasury are investigating Tether for alleged violations of anti-money laundering laws and sanctions.
Shortly after the article’s release on October 25, Ardoino responded, denying these allegations:
As we informed the WSJ, there is no indication that Tether is under investigation. They are merely recycling old information.
Ardoino emphasized Tether’s proactive role in collaborating with law enforcement agencies to protect the crypto industry.
We are consistently working alongside authorities to prevent the misuse of USDT for illegal purposes, from terrorism to criminal activity. If any investigation were truly underway, we would certainly be informed. Thus, the accusations in the article lack any basis.
Since 2014, Tether has contributed to recovering approximately $109 million from illicit activities like fraud and cybercrime. However, Ardoino also voiced his concerns about U.S. cryptocurrency regulations, stating that the country lags behind others, prompting many businesses to relocate to more favorable regulatory environments. Nevertheless, he remains optimistic about positive changes that may follow the 2024 U.S. Presidential election.
Notably, USDT’s market cap reached $120 billion in October 2024, considered a promising signal for the cryptocurrency market’s future
