Tether’s USDT remains the world’s largest stablecoin, with its market capitalization approaching an impressive $100 billion. Despite its prominence, Tether, like many leading blockchain projects, has faced numerous inquiries and speculations. The primary focus of these inquiries is Tether’s reserves, which are central to its value proposition.
Revealing Tether’s Reserves: Bitcoin and Gold
In response to growing concerns, Tether’s CEO, Paolo Ardoino, has provided clarity regarding the company’s reserves. Ardoino disclosed that Tether holds an impressive reserve of more than 82,000 Bitcoins and 48 tons of gold to support the USDT in circulation. This information was shared in a Twitter/X post dated October 27th, 2024, addressing numerous queries about Tether’s reserve strategy.
Ardoino Speaks At Lugano Plan B Event
The Lugano Plan B Event was a significant platform where Tether’s CEO further elaborated on USDT’s reserves. This event, a partnership between the Swiss city of Lugano and Tether, aims to enhance the adoption of Bitcoin technology to accelerate financial transformation. As a keynote speaker, Ardoino highlighted Tether’s robust backing of over $100 billion in US Treasuries. He emphasized the stability of USDT by revealing that it is not only supported by traditional assets but also by substantial reserves of 82,000 BTC and 48 tons of precious metal.
CEO Clarifies USDT Reserves
Following Ardoino’s detailed account of Tether’s reserve assets, the crypto community engaged in vibrant discussions. Many praised Tether’s commitment to maintaining a diversified reserve, with some noting that the inclusion of gold strengthens USDT’s stability, potentially making it more reliable than traditional fiat currencies like the US dollar.
However, some queries persisted. Certain individuals in the community requested further transparency regarding Tether’s gold reserves. Questions arose about whether the gold is held as bullion or in derivative forms, and how these reserves are audited.
Tether Recovers, Gets Positive Market Reaction
Ardoino’s recent disclosures regarding Tether’s reserves come in the wake of increased scrutiny. Reports had surfaced suggesting a possible investigation by the US Department of Justice, which Tether promptly dismissed as speculation. In an effort to reassure stakeholders, Tether has been proactive in collaborating with law enforcement agencies worldwide to combat crypto-related crimes. Additionally, the company continues to enhance the transparency of its reserves.
In a bid to expand its offerings, Tether recently launched a local AI development kit designed for creating and deploying AI systems across various devices. This innovative product emphasizes privacy and leverages peer-to-peer technology, enabling seamless code writing on devices equipped with advanced microchips.
