Tether CEO refutes U.S. investigation claims and showcases reserve assets of $100B Treasuries, Bitcoin, and gold amid rising market cap and crypto FUD.
Amid fresh claims that Tether is under investigation by U.S. authorities, CEO Paolo Ardoino dismisses these as “old noise” and unveils Tether’s massive reserve assets to quell doubt.
Key Points
Investigation Claims:
A recent article by The Wall Street Journal, citing anonymous sources, claims that the U.S. Department of Justice and Treasury are investigating Tether for potential anti-money laundering and sanctions violations. The claims have sparked concerns within the crypto community, though Tether has publicly denied these allegations.
Tether’s Asset Reserves:
In response, Tether CEO Paolo Ardoino disclosed the company’s reserve holdings at the PlanB event in Switzerland. He outlined that Tether holds around $100 billion in U.S. Treasuries, over 82,000 BTC valued at approximately $5.5 billion, and 48 tons of gold. This substantial reserve backing underscores Tether’s financial security and aims to ease concerns regarding the stability of USDt.
Tether’s Compliance Record:
Ardoino highlighted Tether’s track record of working alongside law enforcement. Since 2014, Tether has reportedly helped recover $109 million linked to fraud, sanctions evasion, and cybercrime. The CEO emphasized that Tether regularly cooperates with authorities to mitigate illicit activities involving USDt, which he argues counters the claims of an ongoing investigation.
Market Outlook:
Tether’s USDT has reached a new market cap high of $120 billion, which is a positive signal for the crypto markets. Ardoino also criticized U.S. crypto regulations as restrictive but expressed optimism that the regulatory landscape might improve following the 2024 presidential election. This growth in Tether’s market cap has generated interest from investors, who are optimistic that it may drive further crypto market gains in the coming months.
Tether’s firm denial of investigation claims, backed by transparent asset disclosure, aims to restore investor confidence amid regulatory uncertainty. Tether’s growing role and its recent moves suggest a resilient stablecoin despite ongoing FUD.
Related: Reuters
Disclaimer: This article is for informational purposes only and should not be considered financial or legal advice. Cryptocurrency investments carry risk, and regulatory inquiries may impact market values. Always conduct thorough research and consult a qualified professional before making investment decisions.
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