Tether CEO Paolo Ardoino took to the stage at a PlanB event in Lugano, Switzerland to detail the reserve assets backing the company’s Tether-USD stablecoin (USDT) following allegations that the company is under investigation by the US Department of Justice and Treasury.
Arduino revealed that Tether holds about $100 billion in US Treasury bonds, more than 82,000 Bitcoin (BTC), worth about $5.5 billion using current market prices, and 48 tons of gold.
Tether’s CEO highlighted the asset reserves amid fear, uncertainty and doubt caused by a recent article in the Wall Street Journal, which alleged that US authorities are investigating the company for violating US anti-money laundering and sanctions laws.
The Wall Street Journal stirs controversy in the world of cryptocurrencies
After the article was published on October 25, Tether’s CEO strongly denied the allegations, saying, “As we told the Wall Street Journal, there is no indication that Tether is under investigation. The Wall Street Journal is just spouting old hype. Period.” Ardoino also highlighted Tether’s track record of working with law enforcement to recover stolen digital assets and freeze illicit transactions:
“We regularly and directly engage with law enforcement officials to help prevent rogue states, terrorists, and criminals from misusing USDT. We will know if we are being investigated as the article falsely claims. Accordingly, we can confirm that the allegations in the article are unequivocally false.”
According to the stablecoin company, Tether has helped law enforcement recover nearly $109 million used for illicit activities such as fraud, sanctions evasion, and cybercrime since 2014.
Ardoino also recently criticized the US cryptocurrency regulatory policy as lagging behind other countries, causing many innovative digital asset companies to move from the US to more favorable jurisdictions. However, the Tether CEO also expressed confidence that this will change after the 2024 US presidential election.
Tether's USDT value reached $120 billion in October 2024. Investors and speculators see this as a bullish sign for the cryptocurrency markets that could push prices higher in the coming weeks and months.
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