Tether CEO has cleared slate on Tether’s reserves and holdings, making it clear that the stablecoin is not drawing any sort of troubles for itself.
Following claims that the company was being investigated by the US Department of Justice and the Treasury, Tether CEO Paolo Ardoino gave an address at the Lugano’s PlanB event in Switzerland to give a breakdown of the reserve assets supporting the company’s Tether-USD stablecoin.
According to Ardoino, Tether owns 48 tons of gold, more than 82,000 Bitcoin, which is worth about $5.5 billion at current market values, and about $100 billion in US Treasury securities.
The statement not only puts stablecoin investors in a better position, but also strengthens Ardoino’s view about Tether’s future. The same sentiment can be seen in Tether’s overall trading volume which is at $38.79 billion, up 10.32% ad compared to same time last day.
Tether Refutes WSJ Allegations
The emphasis on Tether’s reserves comes in the midst of the anxiety, doubt, and uncertainty brought on by a recent Wall Street Journal report claiming that US authorities were looking into the company for allegedly breaking US sanctions and anti-money laundering rules.
WSJ had reported while citing persons familiar with the situation that the federal government was looking into whether cryptocurrency startup Tether had broken any anti-money-laundering laws or sanctions.
WSJ has also reported that prosecutors at the Manhattan U.S. attorney’s office were conducting the criminal investigation, which aims to determine whether the cryptocurrency has been used by third parties to finance illicit acts including hacking, terrorism, and drug trafficking—or launder the money they make.
The Tether CEO vehemently refuted the allegations when the article was published on October 25. “As we told the WSJ, there is no indication that Tether is under investigation,” the CEO said.
Additionally, Ardoino emphasized Tether’s track record of assisting law enforcement in recovering digital assets that have been stolen and stopping illegal transactions.
Tether CEO Addresses Plan ₿ Forum
Previously, Ardonio had addressed the Plan ₿, especially mentioining the installation of the statue of Bitcoin founder. Speaking on behalf of Plan ₿, Tether CEO Paolo Ardoino said that the statue of Satoshi Nakamoto is a testament to the transformative influence of Bitcoin and the concept of decentralization. “The true essence of decentralization is demonstrated by Satoshi’s decision to step aside and let the community lead,” he stated.
In a tribute to Nakamoto’s idea that still empowers millions of people worldwide, Ardoino emphasized that the artwork serves as motivation to keep pushing the limits of financial innovation and independence.
The statue’s installation was a major event during the Plan ₿ Forum, which gathered enthusiasts, innovators, and thought leaders from the blockchain and cryptocurrency industries.