During Lugano’s PlanB event in Switzerland, Tether CEO Paolo Ardoino took the opportunity to address the allegations surrounding the company’s investigation by the United States Department of Justice and the Treasury. In response, Ardoino provided a detailed breakdown of the reserve assets that back Tether’s stablecoin, Tether-USD (USDT).
Ardoino revealed that Tether holds a substantial amount of assets, including approximately $100 billion in US treasuries, more than 82,000 Bitcoin (BTC) valued at around $5.5 billion based on current market prices, and a significant amount of gold weighing 48 tons.
These asset reserves were emphasized by the Tether CEO in light of the fear, uncertainty, and doubt generated by a recent article in The Wall Street Journal. The article suggested that US authorities were investigating Tether for potential violations of anti-money laundering laws and US sanctions.
In response to The Wall Street Journal’s claims, Ardoino vehemently denied any wrongdoing, stating that there is no indication of Tether being under investigation. He dismissed the article as rehashing old information. Ardoino also highlighted Tether’s track record of collaborating with law enforcement agencies to combat illicit activities in the digital asset space. Since 2014, Tether has assisted in the recovery of approximately $109 million used in activities such as fraud, sanctions evasion, and cybercrime.
Ardoino also took the opportunity to criticize the regulatory policies surrounding cryptocurrencies in the United States, suggesting that they are lagging behind other countries. This has led to many innovative digital asset firms relocating to more favorable jurisdictions. However, he expressed optimism that this situation would change after the 2024 US Presidential election.
In October 2024, Tether’s USDT achieved a remarkable market capitalization of $120 billion. Investors and speculators view this as a positive sign for the crypto markets, potentially driving prices higher in the coming weeks and months.