- Tether reveals $100B in reserves, 82K Bitcoin, and 48 tons of gold to boost investor confidence.
- Ardoino refutes WSJ report of federal investigation, stressing transparency in Tether’s asset backing.
- Crypto community views Tether’s gold-backed reserves as added stability amid market and regulatory concerns.
Tether CEO Paolo Ardoino recently broke down Tether’s reserve assets in an in depth presentation at Lugano’s PlanB event. Tether wants to put an end to regulatory scrutiny concerns and is looking to prove its commitment to stability and transparency.
Strong Reserves in Bitcoin and Gold
During the presentation, Ardoino confirmed that Tether holds nearly $100 billion in U.S. treasuries, over 82,000 Bitcoin, and 48 tons of gold. This diversified reserve base underlines Tether’s financial backing, which many in the crypto community see as stronger than traditional currency.
The most recent data shows a rise in its Bitcoin holdings from 80,000 BTC in Q2 to 82,000 BTC, demonstrating the company’s belief in cryptocurrency.
Some crypto users consider it’s gold-backed reserves an advantage, offering stability against traditional market fluctuations. This view has been positively received among investors seeking reliable stablecoins, especially given recent volatility in crypto markets.
WSJ Report Sparks Concern Over Federal Investigation
After a report from the Wall Street Journal, investors became concerned. It claimed U.S. authorities were probing Tether for possible violation of sanctions and anti money laundering rules. Crypto users were confused by this, and called for more transparency.
In response to these allegations, Tether refuted the Wall Street Journal’s claims, labeling the report as wildly irresponsible and based on unverified sources. According to Ardoino, the company has no knowledge of any active investigation. He criticized the spread of FUD and urged media outlets to confirm information before publication, stressing the importance of investor confidence in the market.
Tether’s recent statements and expanded reserves underscore its stance as a leading stablecoin. As the company continues to defend its asset backing, it aims to reassure its users and investors that it remains committed to transparency and stability amidst growing market scrutiny.
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