Tether CEO breaks down reserves backing USDT stablecoin
The Wall Street Journal cited unnamed individuals as the source of the claims that the United States government is investigating Tether.
Tether CEO Paolo Ardoino took the stage at Lugano’s PlanB event in Switzerland to provide a breakdown of the reserve assets backing the company’s Tether-USD stablecoin (USDT) following allegations that the firm was under investigation by the United States Department of Justice and the Treasury.
Ardoino revealed that Tether holds approximately $100 Billion in US treasuries, more than 82,000 Bitcoin (BTC), valued at roughly $5.5 billion using current market prices, and 48 tons of gold.
The Tether CEO highlighted the asset reserves amid the fear, uncertainty, and doubt caused by a recent Wall Street Journal article, which claimed that US authorities were probing the firm for allegedly violating anti-money laundering laws and US sanctions.
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Author: Vince Quill
