During the PlanB event held in Lugano, Switzerland, Paolo Ardoino, the CEO of Tether, addressed the allegations surrounding the company’s investigation by the United States Department of Justice and the Treasury. In an effort to provide transparency, Ardoino disclosed the reserve assets supporting Tether’s stablecoin, Tether-USD (USDT). These assets include approximately $100 billion in US treasuries, over 82,000 Bitcoin (BTC) valued at around $5.5 billion based on current market prices, and 48 tons of gold.
Ardoino emphasized the significance of these asset reserves, especially in light of the recent Wall Street Journal article that fueled fear and doubt within the crypto community. The article suggested that US authorities were looking into Tether for potential violations of anti-money laundering laws and US sanctions. However, Ardoino vehemently refuted these claims, stating that there was no indication of any investigation against Tether. He dismissed the article as recycled information without any substance.
Additionally, Ardoino highlighted Tether’s collaboration with law enforcement agencies in recovering stolen digital assets and preventing illicit transactions. Since 2014, Tether has assisted in the retrieval of approximately $109 million that was used in fraudulent activities, sanctions evasion, and cybercrime.
Ardoino also criticized the regulatory policies surrounding cryptocurrencies in the United States, stating that they lag behind other countries. This has prompted many innovative digital asset firms to relocate to more favorable jurisdictions. However, he expressed optimism that this situation would change after the 2024 US Presidential election.
The market capitalization of Tether’s USDT reached an impressive $120 billion in October 2024. Investors and speculators interpret this milestone as a positive indicator for the crypto markets, potentially driving prices higher in the coming weeks and months.