Tether CEO Paolo Ardoino revealed details of the stablecoin issuer’s reserves, with $5.58 billion in Bitcoin (BTC), $3.87 billion in gold, and US$3.87 billion in gold. It has been revealed that it holds approximately $100 billion in government bonds.
The collapse comes as the company faces an alleged federal investigation in the United States and new questions about its reserve support.
Reserve breakdown
During the PlanB event in Lugano, Switzerland, where the company unveiled the Satoshi Nakamoto statue, the CEO revealed that Tether’s reserves include 82,454 BTC and 48.3 tons of gold.
Slides from the presentation were later shared on X by Uquid CEO Tran Hung, sparking discussion online. One user questioned whether these assets would be enough to fully support USDT’s recently recorded $120 billion market cap.
In response to online speculation, Ardoino revealed that the company’s reserves include gold and Bitcoin, as well as major holdings in US Treasuries.
The announcement coincides with a recent Wall Street Journal report claiming that the U.S. Attorney’s Office in Manhattan is investigating Tether for possible money laundering violations. According to the article, anonymous sources claim that authorities are scrutinizing the company to see if it is being used by third parties to support illegal activities such as drug trafficking, terrorist financing, and hacking.
It also indicates that investigators are looking into whether Tether may have indirectly supported sanctioned organizations such as Russian arms dealers and Hamas.
Tether CEO responds to allegations
However, the cryptocurrency company denied the WSJ’s claims. Ardoino also answered them:
“As we told WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.”
He emphasized that stablecoin issuers maintain cooperative relationships with law enforcement agencies to combat criminal activities. Since 2014, Tether has helped recover more than $109 million in assets related to illegal activities such as fraud and sanctions evasion, according to an August statement. The CEO concluded by calling the article’s claims “patently false.”
Meanwhile, the report increases scrutiny over the company’s transparency and regulatory practices, especially since critics have long questioned whether the company’s reserves fully back up USDT’s dollar peg. .
A recent report by the nonprofit Consumers Research criticized Tether for not conducting a full audit of its reserves and raised concerns about its international operations.
The group also questioned the company’s activities in countries such as Venezuela and Russia, suggesting its operations there may have allowed it to evade international sanctions.
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