Tether CEO Details Reserves Backing USDT, Dismisses DoJ Probe Claims

Tether
CEO
Paolo
Ardoino
has
provided
a
breakdown
of
the
company’s
reserves
following
a
report
from
the
Wall
Street
Journal
(WSJ)
that
said
the
stablecoin
issuer
was
under
investigation
by
the
US
Department
of
Justice
(DoJ).

Speaking
at
Lugano’s
PlanB
event
in
Switzerland,
Ardoino
said
Tether
holds
$100
billion
in
US
Treasuries,
over
82,00
Bitcoin
and
48
tons
of
gold
for
its
USDT
reserves.

Tether
CEO
Says
WSJ
Article
Is
“Regurgitating
Old
Noise” 

The


Tether

CEO’s
appearance
follows
an
Oct.
25


article

by
the
WSJ,
which
claimed
the
company
was
under
investigation
by
the
DoJ
for
allegedly
violating
anti-money-laundering
laws
and
US
sanctions.

As
we
told
to
WSJ
there
is
no
indication
that
Tether
is
under
investigation.
WSJ
is
regurgitating
old
noise.
Full
stop.

—
Paolo
Ardoino
????????
(@paoloardoino)

October
25,
2024

Ardoino
responded
to
the
publication
in
an
Oct.
25
post
on
X,
stating
that
the
company
has
told
the
WSJ
that
“there
is
no
indication
that
Tether
is
under
investigation.”

The
WSJ
is
just
trying
to
spread
fear,
uncertainty
and
doubt
around
the
leading
stablecoin
by
market
cap,
he
said,
adding
that
the
publication
is
just
“regurgitating
old
noise.”

Tether
Says
It
Helped
Law
Enforcement
Recover
$109
Million
Since
2014

Responding
to
the
international
sanctions
violations
the
company
is
allegedly
facilitating,
Ardoino


said

that


Tether

regularly
deals
“directly
with
law
enforcement
officials
to
help
prevent
rogue
nations,
terrorists
and
criminals
from
misusing
USDT.”

According
to
the
stablecoin
issuer,
it
has
helped
law
enforcement


recover

approximately
$109
million
used
in
illicit
activities
since
2014.

The
company’s
token
currently
has
a
market
cap
of
$120.18
billion.
This
not
only
ranks
it
as
the
largest
stablecoin
by
capitalization
but
also
as
the
third
largest
crypto
token
overall
behind
Bitcoin
(BTC)
and
Ethereum
(ETH).

Tether’s
main
competitor
is
Circle’s
USD
Coin
(USDC),
with
a
market
cap
of
over
$34.64
billion.
In
terms
of
ranking,
USDC
comes
in
at
number
6
overall
in
the
crypto
space.

Related
Articles: