Inside Tether’s Vaults: 82,000 Bitcoin And 48 Tons Of Gold Safeguard USDT

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As a seasoned crypto investor with over a decade of experience in this dynamic industry, I have always been cautious about my investments and their backing. The recent disclosure by Tether’s CEO, Paolo Ardoino, regarding their reserves has certainly piqued my interest.

The digital currency USDT issued by Tether is currently the world’s biggest stablecoin, with a market value approaching $100 billion. Yet, similar to numerous prominent blockchain initiatives, Tether has faced numerous queries and investigations. For Tether, the majority of these questions revolve around its reserves, which are crucial to its appeal.

In response to growing concerns, Tether’s CEO, Paolo Ardoino, revealed some long-awaited details. He announced that Tether holds over 82,000 Bitcoins and approximately 48 tons of gold as backing for the circulating USDT. Ardoino made this disclosure on a Twitter/X post dated October 27th, 2024, addressing questions about Tether’s reserves of USDT that had been posed previously.

breaking news: The Chief Executive Officer of Tether has verified that their reserves currently contain approximately 82,454 Bitcoins and 48.3 metric tons of gold. #Tether #Crypto #GoldReserves @LuganoPlanB

— Tran Hung (@spaftu) October 26, 2024

Ardoino Speaks At Lugano Plan B Event

In response to previous remarks made at the joint Lugano Plan B Event with Lugano, Switzerland, Tether’s CEO provided more details about USDT’s reserves. The event aimed to promote the utilization and acceptance of Bitcoin technology to facilitate faster financial advancements in the city.

Speaking as a keynote presenter at the event, Ardoino talked about Tether’s offerings and pointed out that his company has more than $100 billion in U.S. Treasury bonds backing its stablecoin. He also noted that USDT is fully backed, and to dispel any misunderstandings, he added that Tether holds approximately 82,000 Bitcoins, along with an extra 48 tons of precious metals.

Inside Tether’s Vaults: 82,000 Bitcoin And 48 Tons Of Gold Safeguard USDT

CEO Clarifies USDT Reserves

The comprehensive report by Ardoino on Tether’s reserves sparked significant interest and discussion within the cryptocurrency community. Many comments emphasize Tether’s dedication to building a robust and varied reserve for its USDT, with some even praising the inclusion of gold in the reserve, stating that this attribute makes Tether’s stablecoin superior to the U.S. dollar.

Hello! It’s wonderful to hear about the 48 metric tons of gold, as it contributes significantly to the stability of USDT. Could you please clarify if this gold is in a physical or a digital form?

Is the gold stored in a safe deposit box? If so, could you tell me its location and have there been any recent audits of this storage? Or is it investment in gold derivatives such as ETF shares, unallocated accounts, or futures, swaps, or options?

— Kinesis Gold (@KinesisGold) October 27, 2024

Nonetheless, several commentators have requested additional details. Their queries underscore the desire for greater corporate openness, specifically concerning its handling of gold and the methodology used to audit these reserves. One Twitter/X user even raised doubts about whether the gold listed in Tether’s reserves is actual gold bullion or just derivatives.

Inside Tether’s Vaults: 82,000 Bitcoin And 48 Tons Of Gold Safeguard USDT

Tether Recovers, Gets Positive Market Reaction

Ardoino’s latest explanations about Tether’s reserves are linked to the mounting doubts concerning the firm, as recent rumors have emerged suggesting that Tether is under investigation by the U.S. Department of Justice. However, Tether swiftly dismissed these allegations, labeling them as mere speculation.

To address questions and allay investor fears, Tether has partnered with law enforcement globally to stop crypto-related crimes. The company has also boosted the transparency of its reserves and continues to tease the market with new products and services.

Recently, Tether introduced a local AI development kit for writing and using AI systems for different devices. Ardoino shared that the latest product features promote privacy and are anchored on peer-to-peer technology, allowing users to write codes across devices that run on powerful microchips.

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2024-10-28 12:12