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Tether CEO Denies Investigation Claims, Highlights Reserve Assets Amid Controversy

by Matoy
October 28, 2024
in Breaking News, Business, Crypto
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  • Tether’s reserves include $100 billion in US Treasuries, 82,000 Bitcoin, and 48 tons of gold.
  • CEO Paolo Ardoino denies allegations of Tether being investigated for AML and sanctions violations.
  • Tether’s support for law enforcement includes recovering $109 million from illicit transactions since 2014.

Tether CEO Paolo Ardoino addressed rumors at the PlanB conference in Lugano, Switzerland, highlighting the company’s strong reserve assets amid recent claims that Tether is under investigation by U.S. authorities. The Wall Street Journal had reported on Oct. 25 that U.S. regulators were investigating Tether for alleged violations of anti-money laundering (AML) laws and sanctions. Ardoino, however, dismissed these claims as outdated misinformation, stating Tether would be aware of any ongoing investigation.

Source: Tether

Tether’s Reserve Assets and Denial of Allegations

Ardoino disclosed that Tether’s reserve assets currently include $100 billion in U.S. Treasuries, around 82,000 Bitcoin valued at $5.5 billion, and 48 tons of gold. This transparency, he noted, aims to reassure stakeholders as the company faces ongoing scrutiny. Addressing the Wall Street Journal article, Ardoino refuted the investigation claims, citing Tether’s extensive collaboration with law enforcement in cases of asset recovery and preventing misuse of its stablecoin, USDT.

Since 2014, Tether has aided law enforcement in recovering roughly $109 million linked to cybercrime, fraud, and other illicit activities. Ardoino also emphasized the company’s stringent compliance measures and argued that U.S. crypto regulations are stifling innovation compared to global counterparts, hoping for policy shifts following the 2024 election.

Market Impact and Future Prospects

As Tether’s USDT token hit a record $120 billion market cap this October, the stablecoin’s growth reflects growing investor confidence, with analysts predicting this may help drive crypto market prices higher in the near term. Ardoino remains optimistic about the evolving regulatory landscape and the broader acceptance of digital assets.

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