Originally published on: October 27, 2024
At the PlanB event in Lugano, Switzerland, Tether CEO Paolo Ardoino made headlines by revealing the substantial reserve assets backing the firm’s USDt stablecoin. Amid swirling allegations of a US Department of Justice and Treasury investigation, Ardoino disclosed that Tether holds a staggering $100 billion in US Treasuries, over 82,000 Bitcoin valued at $5.5 billion, and 48 tons of gold supporting its stablecoin.
This bold move by the Tether CEO comes in response to recent fear and uncertainty fueled by a Wall Street Journal article suggesting a potential probe into the firm’s practices. Ardoino vehemently dismissed these claims, stating, “There is no indication that Tether is under investigation,” and emphasized Tether’s cooperation with law enforcement to combat illicit activities in the crypto space.
While criticizing US regulatory policies and hinting at a potential shift post the 2024 presidential election, Ardoino’s confidence is reflected in Tether’s market performance. With a remarkable $120 billion market capitalization in October, investors are eyeing this as a bullish signal that could drive crypto prices skyward in the near future.
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