Originally published on: October 27, 2024
During Lugano’s PlanB event in Switzerland, Tether’s CEO, Paolo Ardoino, took center stage to unveil the robust reserve assets backing the popular USDT stablecoin amidst allegations of investigations by US authorities.
Ardoino disclosed that Tether safeguards approximately $100 billion in US Treasuries, over 82,000 Bitcoins valued at around $5.5 billion, and a hefty 48 tons of gold to support its USDt stablecoin, debunking doubts circulated by a recent Wall Street Journal article.
Addressing concerns arising from the article, Ardoino vehemently refuted claims of any ongoing investigation, emphasizing Tether’s commitment to collaboration with law enforcement agencies to combat financial crimes effectively. The stablecoin giant has helped recover over $109 million tied to illicit activities since 2014.
While criticizing the US regulatory landscape for lagging behind other nations, Ardoino remains optimistic about a shift post the 2024 presidential election. Tether’s USDT recently hit a remarkable $120 billion market capitalization, signaling a positive outlook for the crypto market, potentially driving prices higher in the near future.
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