Tether CEO Paolo Ardoino has clarified the company’s reserve holdings amid recent concerns following a Wall Street Journal report suggesting that the stablecoin giant is under federal scrutiny for potential sanctions and anti-money-laundering violations. Ardoino addressed these claims and offered insights into Tether’s reserves at the Plan ₿ Forum in Lugano, Switzerland.
In response to questions, Ardoino disclosed that Tether currently holds approximately 82,000 Bitcoin and 48 tonnes of gold, as well as $100 billion in U.S. Treasuries. His remarks underscore the firm’s strategy to diversify its reserves, which has sparked discussions within the crypto community regarding USDT’s stability due to the gold backing.
Questions remain about the custody of Tether’s gold reserves, as community members raised inquiries on whether Tether’s gold holdings are stored as physical bullion, in vaults, or as derivatives like ETFs, futures, or swaps. This has prompted Ardoino to further assure users about Tether’s commitment to transparency.
Ardoino Denies Allegations of Federal Investigation
The Wall Street Journal’s recent article ignited concern among users, leading Ardoino to reaffirm Tether’s compliance and transparency. In an X post, he clarified, “At Tether, we work closely with law enforcement to prevent the misuse of USDT. The article’s claim that we are under investigation is unequivocally false.” He added that Tether has helped recover approximately $109 million in USDT over the past decade to combat fraud and criminal activity.
During DC Fintech Week, Ardoino reiterated Tether’s commitment to cooperating with governments worldwide and emphasized Tether’s support for upcoming regulations to improve crypto transparency.
For the latest on Tether and stablecoin updates, visit CentBit.Online – Crypto & Blockchain Expert Bangladesh.
