CandleFocus Tether CEO Breaks Down Reserves Backing USDT Stablecoin
2024-10-29
Author: Content Editor
Tether CEO Paolo Ardoino has revealed the breakdown of the stablecoin issuer's reserves, disclosing that it holds $5.58 billion in Bitcoin, $3.87 billion in gold, and approximately $100 billion in US Treasury bonds. The disclosure comes amidst allegations of a federal investigation in the US and renewed questions about its reserve backing. The company has denied the allegations and emphasized its collaboration with law enforcement to combat criminal activities. Critics have raised concerns about Tether's lack of a full audit of its reserves and its international activities, questioning whether its reserves fully back the USDT stablecoin's dollar peg.
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