Based

United

Bitcoin

Billion

Tether CEO Paolo Ardoino took the stage at Lugano’s PlanB event in Switzerland and provided a breakdown of the firm’s reserve assets following allegations that Tether was under investigation by the United States Department of Justice and the Treasury.
Ardoino revealed that Tether holds about $100 billion in US Treasuries, more than 82,000 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) valued at roughly $5.5 billion using current market prices, and 48 tons of gold to back its USDt (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="null" target="null" text="null" title="https://cointelegraph.com/tether-price-index">USDT</a>) stablecoin.
The Tether CEO highlighted the asset reserves amid the fear, uncertainty, and doubt caused by a recent Wall Street Journal<a data-ct-non-breakable="null" href="https://www.wsj.com/finance/currencies/federal-investigators-probe-cryptocurrency-firm-tether-a13804e5" rel="null" target="null" text="null" title="null"> article</a>, which claimed that US authorities were probing the firm for allegedly violating anti-money laundering laws and US sanctions.
<figure>
 <img alt="United States, Tether, Stablecoin, Investigation" src="https://s3.cointelegraph.com/uploads/2024-10/0192cf88-539a-705d-9337-35564ea30a4a" title="">
 <figcaption style="text-align: center;">
 Tether tokens in circulation. Source: <a data-ct-non-breakable="null" href="https://tether.to/en/transparency/?tab=usdt" rel="nofollow noopener" target="_blank" text="null" title="https://tether.to/en/transparency/?tab=usdt">Tether</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tether-proposes-boron-backed-tokens-turkey-government" rel="null" target="null" text="null" title="null">Tether proposes boron-backed tokens to Turkey’s government</a>
<h2 id="the-wall-street-journal-ruffles-feathers-in-the-crypto-world">The Wall Street Journal ruffles feathers in the crypto world</h2>
Following <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-government-investigates-tether-report" rel="null" target="null" text="null" title="null">publication of the article</a> on Oct. 25, the Tether CEO vociferously <a data-ct-non-breakable="null" href="https://x.com/paoloardoino/status/1849876338573799912" rel="null" target="null" text="null" title="null">denied</a> the claims, saying, “As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.” Ardoino also highlighted Tether’s record of working with law enforcement agencies to recover stolen digital assets and freeze illicit transactions:
<blockquote>
 "We deal regularly and directly with law enforcement officials to help prevent rogue nations, terrorists, and criminals from misusing USDT. We would know if we are being investigated as the article falsely claimed. Based on that, we can confirm that the allegations in the article are unequivocally false."
</blockquote>
According to the stablecoin firm, Tether has helped law enforcement <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tether-stablecoin-usdt-criminal-united-states-cyber-fraud" rel="null" target="null" text="null" title="null">recover about $109 million</a> used in illicit activities such as fraud, sanctions evasion and cybercrime since 2014.
Ardoino recently <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-dropping-the-ball-crypto-should-improve-post-election-tether-ceo" rel="null" target="null" text="null" title="null">criticized US crypto regulatory policy</a> as lagging other countries, which has caused many innovative digital asset firms to move from the United States to more favorable jurisdictions. Still, the Tether CEO also expressed confidence that this would change after the 2024 US presidential election.
Tether’s USDT hit a staggering <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tether-usdt-record-120-b-market-cap-uptober-signal" rel="null" target="null" text="null" title="null">$120 billion market capitalization</a> in October. Investors and speculators see this as a bullish sign for the crypto markets that may drive prices higher in the coming weeks and months.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/real-risks-ethena-stablecoin-model-not-ones-you-think/" rel="null" target="null" text="null" title="null">The real risks to Ethena’s stablecoin model (are not the ones you think)</a>

Tether CEO breaks down reserves backing USDT stablecoin

Table of Contents

Cointelegraph

Other articles published on Oct 27, 2024

Ethereum Price Ready To Rebound Towards $3,000, Analysts Report ETH Coins Cutoshi And Dai Push Ec...

Loser Biden (LOSBIDEN) Will Explode Over 15,000% Before Exchange Listings, While Shiba Inu and Do...

Why Qubetics is Leading the Charge in the Crypto World: A Look at ZIGnaly, StarChain, and the Sta...

6 Best Altcoins To Watch Today October 26 – Helium, Gnosis, SPX6900, WEMIX

New Exchange Token Prepares for New Heights – Will Aptos Hit $20 and Arbitrum Break $3 This Bull ...

Floki Inu Trading Volume Hits Impressive High Amid Volatility

Join our free newsletter for daily crypto updates!