restraints USDT It is the largest stablecoin in the world, with a market capitalization close to $100 billion. However, like many major blockchain projects, Tether has been the subject of many questions and queries. And for Tether, most questions revolve around its reserves, which serve as its main selling point.
Recognizing these concerns, Tether CEO Paolo Ardoino finally broke the ice and revealed that the company has over 82,000 Bitcoins and 48 tons of gold to back its USDT in circulation. Ardoino shared this information in a twitter/x post on October 27, 2024, in response to many questions about the company's USDT reserves.
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JUST IN: Tether CEO confirms that its reserves contain a total of 82,454 btc and 48.3 tons of gold. twitter.com/hashtag/Tether?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#Tie twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin twitter.com/LuganoPlanB?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>@LuganoPlanB pic.twitter.com/QRCi1hqMO2
– Tran Hung (@spaftu) twitter.com/spaftu/status/1850180908843761675?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>October 26, 2024
Ardoino speaks at the Plan B event in Lugano
The Tether CEO clarified USDT reservations in a follow-up to his previous statements at the Lugano Plan B Event. The event was a collaboration between Lugano in Switzerland and Tether to drive the use and adoption of bitcoin technology to accelerate the city's financial transformation.
As one of the event's keynote speakers, Ardoino discussed Tether's products and explained that his company has more than $100 billion in US Treasury bonds backing its crypto-basics/what-is-a-stablecoin” target=”_blank” rel=”noopener nofollow”>stablecoin. He also explained that USDT is fully supported and to clear up the confusion; He further said that Tether also has 82,000 btc with an additional 48 tons of precious metals.
CEO clarifies USDT reservations
Ardoino's full accounting of the Tether reserve generated a lot of attention and comments from the crypto community. Most comments highlight Tether's commitment to maintaining a strong and diverse reserve for its USDT. Others say that having gold as part of the reserve is prudent, saying this makes the Tether stablecoin “better than the US dollar.”
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Hello, those 48 tons of gold are great since they give stability to USDT.
May I ask, 48 tons of gold in what form?
Are you allocated bullion? If so, where is it vaulted? Are you audited?
Or are they derived from gold? like, for example, ETF shares? Account not assigned? Futures/swaps/options?…
– Kinesis Gold (@KinesisGold) twitter.com/KinesisGold/status/1850452266865840178?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>October 27, 2024
However, some commentators ask for more information. Some of these comments highlight the need for corporate transparency, particularly in how it manages its gold or how these reserves are audited. One twitter/x user even questioned Tether if the gold in its reserves is gold bullion or simply derivatives.
Image: Binance Academy
Tether rallies and gets positive market reaction
Ardoino's recent clarifications on Tether reserves are related to the growing questions surrounding the company. Recently, there have been reports that Tether is the subject of an investigation by the US Department of Justice. crypto/2024/10/25/tether-department-justice-probe-money-laundering-sanctions-binance-crypto/” target=”_blank” rel=”noopener nofollow”>investigation. Tether immediately rejected these reports, calling them pure speculation.
To address questions and allay investor fears, Tether has partnered with law enforcement globally to stop cryptocurrency-related crimes. The company has also increased the transparency of its reserves and continues to provoke the market with new products and services.
Recently, Tether introduced a homegrown ai development kit for writing and using ai systems for different devices. Ardoino shared that the latest product features promote privacy and are based on peer-to-peer technology, allowing users to write code on devices powered by powerful microchips.
Featured image from Pexels, chart from TradingView
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