Tether CEO Clarifies USDT Stablecoin Reserves

The Wall Street Journal cites anonymous persons as the basis of the accusations that the US government is looking into Tether CEO.

Tether CEO Paolo Ardoino spoke at Lugano’s PlanB event in Switzerland, providing a breakdown of the company’s reserve assets in response to accusations. Tether was being investigated by the US Department of Justice and the Treasury. Ardoino stated that Tether possesses around $100 billion in US Treasuries, over 82,000 Bitcoin (BTC$68,543) worth at $5.5 billion at current market levels, and 48 tons of gold to back its USDt (USDT$0.999).

The CEO of Tether emphasized the company’s asset reserves in response to a recent Wall Street Journal report claiming US authorities were investigating the corporation for suspected violations of anti-money laundering laws and penalties.

The Wall Street Journal ruffles feathers in the crypto world

After the report was published on Oct. 25, Tether’s CEO refuted the charges, stating that there is no sign the company is being investigated. The WSJ is regurgitating old news. Full stop.” Ardoino further emphasized Tether’s history of collaborating with law enforcement organizations to recover stolen digital assets and halt illegal transactions:

“We work routinely and closely with law enforcement officials to prevent rogue governments, terrorists, and criminals from utilizing USDT. We’d know if we were being probed, as the report wrongly said. Based on that, we can clearly state that the charges in the article are inaccurate.”

Since 2014, Tether has assisted law enforcement in recovering around $109 million from criminal operations like fraud, sanctions evasion, and cybercrime.

Ardoino attacked US crypto regulatory policy for trailing behind other countries. Prompting creative digital asset startups to relocate to more friendly jurisdictions. However, the Tether CEO expressed optimism that this will change following the 2024 US presidential election.

In October, Tether’s USDT reached a remarkable market value of $120 billion. Investors and speculators consider this as a positive indication for the crypto markets. Which might lead to greater prices in the next weeks and months.

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