CandleFocus Tether holds over 82,000 in Bitcoin and 48 tonnes of gold for USDT reserve
2024-10-27
Author: Content Editor
The CEO of Tether, Paolo Ardoino, has revealed that the company holds over 82,000 Bitcoin and 48 tonnes of gold in its reserves, in addition to $100 billion in US Treasuries backing its USDT stablecoin. This disclosure comes amidst concerns about the stability of USDT and an ongoing investigation by the US Department of Justice. Ardoino's comments have received positive feedback from the crypto community, highlighting the diversification of Tether's reserves. However, questions remain about the specifics of Tether's gold reserves and whether they are audited. Despite the concerns, the market has appeared to recover from the news, with Bitcoin's value increasing slightly. Tether is also expanding beyond stablecoin issuance, with the recent preview of its privacy-focused Local AI development kit.
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