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Abstract:Tether CEO Paolo Ardoino reveals the company's $100 billion in US Treasuries, defending against regulatory scrutiny following recent allegations.
Tether Holdings, the company behind the popular stablecoin USDT, is under fire from US authorities, with CEO Paolo Ardoino speaking out at a recent PlanB event in Lugano, Switzerland. He outlined the reserve assets that support USDT, despite allegations that the US Department of Justice and Treasury are investigating the corporation.
According to Ardoino, Tether has over $100 billion in US Treasury securities, 48 tons of gold, and more than 82,000 Bitcoin, which is worth around $5.5 billion at current market values. This statement follows concerns raised by a Wall Street Journal report alleging that Tether is being investigated for alleged breaches of US sanctions and anti-money laundering legislation.
Ardoino stressed the significance of these reserve funds, adding that Tether has helped law enforcement recover almost $109 million from unlawful acts such as fraud and cybercrime since its establishment in 2014. This remark seeks to allay concerns about the company's honesty and dedication to compliance.
In addition to discussing the reserves, Ardoino criticized the present US cryptocurrency regulatory climate, claiming that it lags behind other nations. This regulatory vacuum has driven many creative digital asset companies to transfer to more favorable nations. However, he expressed confidence that the picture will change after the 2024 presidential election, indicating prospective improvements that might strengthen the United States' position in the global crypto market.
In October 2024, Tether's USDT was valued at $120 billion. This milestone has been regarded by investors and market experts as an optimistic signal for the cryptocurrency industry, which might lead to price increases in the near future.
The Wall Street Journal reported on an ongoing federal inquiry of Tether, which revealed the stablecoin issuer's recent troubles. Ardoino swiftly denied the claims, claiming that the WSJ was just “rephrasing old noise.” He called the report “woefully irresponsible,” full of “reckless allegations,” and defended Tether's operational integrity.
Despite regulatory obstacles and public mistrust, Tether's significant reserve assets and market resilience may boost investor confidence and pave the path for future expansion in the cryptocurrency space.
Disclaimer:
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