Tether’s USDT is the world’s largest stablecoin, with a market cap nearing $100 billion. However, like many top blockchain projects, Tether has been the subject of many questions and inquiries. And for Tether, most of the questions swirl around its reserves, which serve as its primary selling point.
Acknowledging these concerns, Tether’s CEO Paolo Ardoino finally broke the ice and disclosed that the company boasts more than 82,000 Bitcoins and 48 tons of gold to back its USDT in circulation. Ardoino shared this information on a Twitter/X post dated October 27th, 2024, in response to many questions about the company’s USDT reserves.
JUST IN : Tether CEO confirms their reserves hold a total of 82,454 BTC and 48.3 tons of gold.
#Tether #Bitcoin @LuganoPlanB pic.twitter.com/QRCi1hqMO2
— Tran Hung (@spaftu) October 26, 2024
Ardoino Speaks At Lugano Plan B Event
Tether’s CEO clarified USDT’s reserves in a follow-up to his earlier statements at the Lugano Plan B Event. The event was a collaboration between Lugano in Switzerland and Tether to boost the use and adoption of Bitcoin technology to fast-track the city’s financial transformation.
As one of the event’s keynote speakers, Ardoino discussed Tether’s products and explained that his company boasts over $100 billion in US Treasuries backing its stablecoin. He also explained that USDT is fully supported, and to clarify the confusion; he further said that Tether also boasts 82,000 BTC with an additional 48 tons of precious metal.
CEO Clarifies USDT Reserves
Ardoino’s full accounting of Tether’s reserve generated a lot of attention and comments from the crypto community. Most comments highlight Tether’s commitment to maintaining a solid and diverse reserve for its USDT. Others say that having gold as part of the reserve is wise, saying that this makes Tether’s stablecoin “better than the US dollar.”
Hi, those 48 tons of gold, that’s great as it gives stability to USDT. May I ask, 48 tons of gold in which form?
Is it allocated bullion? If yes, where is it vaulted? Is it audited? Or is it gold derivatives? like e.g. ETFs shares? Unallocated account? Futures/swaps/options?…
— Kinesis Gold (@KinesisGold) October 27, 2024
However, a few commenters are asking for more information. Some of these comments highlight the need for corporate transparency, particularly on how it handles its gold or how these reserves are audited. One Twitter/X user even questioned Tether if the gold listed under its reserves is gold bullion or simply derivatives.
Tether Recovers, Gets Positive Market Reaction
Ardoino’s recent clarifications on Tether’s reserves are connected to the growing questions surrounding the company. Recently, there have been reports that Tether is the subject of a US Department of Justice investigation. Tether immediately shot down these reports, calling them pure speculation.
To address questions and allay investor fears, Tether has partnered with law enforcement globally to stop crypto-related crimes. The company has also boosted the transparency of its reserves and continues to tease the market with new products and services.
Recently, Tether introduced a local AI development kit for writing and using AI systems for different devices. Ardoino shared that the latest product features promote privacy and are anchored on peer-to-peer technology, allowing users to write codes across devices that run on powerful microchips.
Featured image from Pexels, chart from TradingView
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