Tether CEO Paolo Ardoino addressed attendees at Lugano’s PlanB event in Switzerland, detailing the company’s reserve assets amid recent allegations of a U.S. Department of Justice and Treasury investigation.
Ardoino outlined that Tether holds approximately $100 billion in U.S. Treasuries, around 82,000 Bitcoin (BTC) valued at approximately $5.5 billion, and 48 tons of gold to back its USDt (USDT) stablecoin. His comments were aimed at dispelling the uncertainty sparked by a recent Wall Street Journal article, which alleged that U.S. authorities were investigating Tether for possible anti-money laundering and sanctions violations.
Following the publication of the article on Oct. 25, Ardoino firmly denied the claims, stating, “As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.” He further emphasized Tether’s ongoing cooperation with law enforcement, highlighting its efforts to aid in recovering stolen assets and preventing misuse of USDT:
“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.”
According to Tether, it has assisted law enforcement in recovering about $109 million in funds associated with illicit activities, including fraud and cybercrime, since 2014.
In his recent remarks, Ardoino also criticized U.S. crypto regulations as lagging behind those of other countries, prompting many digital asset firms to relocate to more favorable jurisdictions. However, he expressed optimism that the regulatory landscape might improve following the 2024 U.S. presidential election.
Tether’s market cap for USDT reached $120 billion in October, signaling potential optimism in the crypto markets and suggesting possible price increases in the near term.
