The post Tether holds over 82,000 in Bitcoin and 48 tonnes of gold for USDT reserve appeared on BitcoinEthereumNews.com.

Tether CEO Paolo Ardoino has disclosed that the company holds more than 82,000 Bitcoin and 48 tonnes of gold in its reserves. Ardoino disclosed this on X while clarifying comments about Tether USDT reserves. This was in response to his earlier statement at the Lugano Plan B Event when discussing Tether products. According to him, the company also has over $100 billion in US Treasuries backing the USDT stablecoin. Thus, all its USDT is fully backed. He said: “Since I see a lot of confusion in this thread, let me clarify that: – Tether has ~100B in US treasuries. Plus it has 82k+ BTC and 48T+ of gold.” Ardoino comments have attracted positive comments from the crypto community, with some noting the diversification of Tether reserves. Some observed that Tether having gold to back USDT is very good, which means USDT is gold-backed. In their opinion, this makes it even better than the actual US dollar, which stopped the gold backing in the 1970s. Meanwhile, other users are more curious about the full state of Tether reserves, particularly how it custodies the gold and whether they are audited. One user on X questioned whether the gold in Tether reserves is actual gold bullion or derivatives such as exchange-traded funds (ETFs) and options. Crypto markets recovering from FUD about Tether The public disclosure of how Tether backs its USDT stablecoin appears connected to the recent claims by the Wall Street Journal that the company is under investigation by the US Department of Justice. Although Tether immediately moved to dismiss the news, which it termed as mere speculation and “regurgitating old noise,” it was enough to cause a reaction in the market. Ardoino has since tried to quell the fears, uncertainty, and doubts  (FUD), noting that Tether collaborates with law enforcement globally,…

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Filed under: News - @ October 27, 2024 11:04 pm