Tether CEO Addresses Investigation & Holds $100B in Cash Reserves

In a significant update to the cryptocurrency landscape, Tether CEO Paolo Ardoino took the stage at Lugano’s PlanB event in Switzerland to provide crucial insights into the company’s US dollar (USD) stablecoin (USDT). Ardoino’s appearance was timely, considering recent allegations of a US Department of Justice and Treasury investigation into Tether.

Massive Reserves Hierarchy

Ardoino unveiled Tether’s substantial reserve assets, laying to rest certain rumors. As of the present, Tether harbors:

• Over $100 Billion in US treasuries,
• More than 82,000 Bitcoin (BTC), currently valued at approximately $5.5 billion,
• 48 tons of gold.

Responding to Accusations

Addressing the sabotaging news claims, Ardoino asserted:

“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.”

Collaboration with Law Enforcement

In a demonstration of Tether’s commitment to compliance, Ardoino disclosed that Tether has assisted law enforcement in recovering around $109 million used in illicit activities since 2014. This includes efforts towards recovering funds from fraud, sanctions evasion, and cybercrime.

US Crypto Regulatory Critique

Certainly moving into another pressing issue, Ardoino also recent evaluations of the US crypto regulatory policy as being outdated and non-progressive. Comparatively, other jurisdictions are ahead in fostering growth and innovation within the crypto realm. However, Ardoino expressed optimism in seeing a post-US Presidential election shift in regulatory policies.

USDT Market Dominance

One of the key points highlighting Tether’s enduring dominance is_master_yard*’s USDTstablecoin. In the recent months, USDT’s market capitalization touched an astonishing $120 billion in Oct. 2024. This breakthrough has brought about optimism from investors, speculators, and observers alike.

Conclusion

The public disclosures from Tether CEO Ardoino not only address the frivolous allegations but also reinforce the company’s financial robustness and regulatory compliance. The continued success and market presence of USDT underscore Tether’s pivotal role in the crypto environment.