At the PlanB conference in Lugano, Switzerland, Tether’s CEO Paolo Ardoino addressed recent claims regarding the firm’s asset reserves, following reports of alleged investigations by U.S. authorities, including the Department of Justice and the Treasury.
Ardoino clarified that Tether holds significant assets backing its USDt stablecoin, including approximately $100 billion in U.S. Treasuries, over 82,000 Bitcoin (currently valued at around $5.5 billion), and 48 tons of gold.
The Wall Street Journal ruffles feathers in the crypto world
These comments came in response to an article published by The Wall Street Journal on Oct. 25, which alleged that Tether was being scrutinized by U.S. officials over possible violations of anti-money laundering and sanctions laws. Ardoino disputed these claims, stating, “As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.” He emphasized Tether’s cooperation with law enforcement, assisting in the recovery of stolen digital assets and blocking illicit transactions.
“We work closely with law enforcement to prevent misuse of USDT by rogue states, terrorists, and criminals. If we were under investigation, we would be fully aware of it. Based on that, we can confirm that the claims in the article are unequivocally false,” Ardoino affirmed.
According to Tether, the company has supported law enforcement in retrieving approximately $109 million involved in fraudulent activities, sanctions breaches, and cybercrimes since 2014.
Ardoino also criticized U.S. crypto regulation, pointing out that slow regulatory progress has pushed many digital asset companies to relocate to more crypto-friendly regions. However, he expressed optimism that the regulatory landscape in the U.S. might improve after the 2024 presidential election.
Meanwhile, Tether’s USDT stablecoin achieved a remarkable milestone in October, reaching a $120 billion market cap. Many investors interpret this growth as a bullish indicator for the crypto sector, potentially driving prices upward in the near future.
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