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Tether CEO Paolo Ardoino recently addressed concerns regarding Tether’s reserves at the PlanB event in Lugano, Switzerland, following claims of a U.S. government investigation into Tether. According to a report from The Wall Street Journal, unnamed sources allege the U.S. Department of Justice is probing Tether for potential anti-money laundering and sanctions violations.
To reassure investors, Ardoino broke down Tether’s asset reserves: around $100 billion in U.S. Treasuries, over 82,000 Bitcoin (valued at approximately $5.5 billion), and 48 tons of gold, all backing the USDt stablecoin. Addressing the Wall Street Journal report, Ardoino stated, “There is no indication that Tether is under investigation. These claims are baseless.”
Tether also emphasized its strong relationship with law enforcement, aiding in the recovery of $109 million linked to cybercrime, fraud, and sanctions evasion. Ardoino noted that Tether remains committed to regulatory compliance and suggested that U.S. crypto regulation may improve post-2024. The firm’s stablecoin market cap hit $120 billion in October, signaling strong market interest and confidence in Tether’s future growth.