At the Plan ₿ Forum in Lugano, Switzerland, Tether's CEO Paolo Ardoino provided insights into Tether's financial reserves, revealing that this large stablecoin holds 82,454 BTC and 48.3 tons of gold.
Paolo Ardoino clarifies Tether's asset reserves after the presentation at the forum
This week, the market capitalization of tether surged to over $120 billion, approximately 3.47 times larger than its closest competitor, USDC, which is currently at $34.65 billion. Ardoino spoke to an audience at the Plan ₿ Forum this weekend, an event where the statue of Satoshi Nakamoto was also unveiled.
In a specific slide photo shared by CEO Tran Hung of Uquid, Tether's reserves are displayed, including $5.58 billion in bitcoin (BTC) and $3.87 billion in gold, calculated at the exchange rate on October 27. Questions arose in the topic of Hung as people noted that the amount of BTC and gold held by Tether, totaling $9.45 billion, seemed to not fully match the market support for this stablecoin.
In response to the confusion about X, Ardoino clarified that Tether's reserves also include U.S. government bonds. "Since I see there is a lot of confusion on this topic, I would like to clarify that: – Tether has ~100 billion in U.S. Treasuries. – Plus 82 thousand BTC and 48 thousand gold," Ardoino said.
Tether has recently become the focus of attention after a report from the Wall Street Journal (WSJ) claimed that anonymous sources revealed an ongoing investigation by the U.S. government into the stablecoin issuer. Tether and the company's CEO, Paolo Ardoino, quickly refuted these claims, firmly stating that "WSJ is repeating old information." Tether also did not hide, calling this report "irresponsible" and full of "reckless accusations."
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