Tether CEO Defends Stablecoin Reserves Amid Investigation Rumors
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At the PlanB event in Lugano, Switzerland, Tether CEO Paolo Ardoino addressed concerns about the company's USDT stablecoin reserves amid rumors of a federal investigation by the U.S. Department of Justice and the Treasury.
He disclosed that Tether holds around $100 billion in U.S. Treasuries, over 82,000 Bitcoin valued at approximately $5.5 billion, and 48 tons of gold.
These details were shared in response to a Wall Street Journal article suggesting that Tether was under scrutiny for potential anti-money laundering violations and sanctions breaches. Ardoino strongly refuted these claims, asserting that there is no indication of any investigation.
He described the report as “old noise” and emphasized Tether’s cooperation with law enforcement, noting the company’s efforts to recover approximately $109 million involved in illegal activities since 2014.
Ardoino also criticized the U.S. regulatory landscape for cryptocurrency, arguing it lags behind other nations, which has prompted many innovative firms to relocate to more accommodating environments. Nevertheless, he expressed optimism that the situation could improve following the 2024 U.S. presidential election.
Recently, Tether’s USDT reached a market capitalization of $120 billion, a development seen by investors as a positive signal for the overall crypto market.
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