Tether CEO Paolo Ardoino confirmed in an interview that the USDT stablecoin is 104% backed, meaning the value of collateral held by the company is higher than the total supply of the stablecoin. Ensuring the safety of the stablecoin remains the company's priority. USDT's market cap is approaching $120 billion. Tether faced a $41 million fine in 2021 for misleading statements about its reserves. The company publishes attestations quarterly. Cantor Fitzgerald oversees Tether's Treasury bills and holds $97 billion in government bonds. Ripple CEO Brad Garlinghouse suggested the US government was targeting Tether, but Ardoino criticized him for spreading fear, uncertainty, and doubt (FUD) and emphasized Tether's cooperation with law enforcement worldwide.
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