Highlights:
- Tether’s USDT reserves include 48 tonnes of gold and 82,000 BTC.
- Ardoino addressed FUD regarding Tether reserves following the WSJ article.
- Tether is developing a Local AI SDK, planning to make it open-source.
Speaking at the Plan ₿ Forum in Lugano, Switzerland, Tether CEO Paolo Ardoino presented a detailed overview of the reserve assets supporting the company’s Tether-USD stablecoin. He said Tether holds nearly $100 billion in U.S. treasuries, over 82,000 Bitcoin (valued at around $5.5 billion at current prices), and 48 tons of gold.
This figure highlights a strong upward trend for the company. In its Q2 attestation report, Ardoino noted that Tether’s Bitcoin reserves were around 80,000 BTC. However, Bitinfo chart data shows that Tether’s publicly visible Bitcoin wallet held 75,354 BTC at press time.
At Lugano’s PlanB event, officials provided clear information as crypto investors faced uncertainty. This concern grew after a Wall Street Journal report stated that U.S. authorities were investigating Tether.
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.— Paolo Ardoino 🤖🍐 (@paoloardoino) October 27, 2024
Ardoino’s comments received positive feedback from the crypto community, with many highlighting Tether’s diversified reserves. Some noted that Tether’s gold backing for USDT is a strong point, suggesting it makes USDT better than the U.S. dollar. Meanwhile, other users want to know more about USDT’s reserves. They are particularly interested in how Tether manages its gold and whether the reserves are audited.
Tether Refuse WSJ Report of Federal Investigation
Ardoino clarified Tether’s reserves following the WSJ article, which generated fear, uncertainty, and doubt (FUD). On October 25, the Wall Street Journal reported an exclusive article stating that the US government has launched an investigation into Tether. The probe focuses on potential violations of sanctions and anti-money laundering regulations.
According WSJ, U.S. investigators are conducting a criminal investigation into Tether, exploring whether third parties have used Tether for illicit activities such as terrorism and hacking. This investigation is being led by the Manhattan U.S. Attorney’s Office. Additionally, the…
— Wu Blockchain (@WuBlockchain) October 25, 2024
In response to these allegations, Tether issued a statement condemning the WSJ’s reporting. The company described the article as “wildly irresponsible,” arguing that it was wrong for the WSJ to publish such claims without verified sources or confirmation from authorities. Tether emphasized that it has no knowledge of any ongoing investigations. Moreover, Ardoino denied the claims, stating, “As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.”
Tether called the report “pure rank speculation.” The company pointed out that the news platform “carelessly” overlooked its extensive cooperation with law enforcement. Tether emphasized its commitment to targeting bad actors who misuse USDT and other crypto assets.
As we told to WSJ there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.
— Paolo Ardoino 🤖🍐 (@paoloardoino) October 25, 2024
Additionally, the stablecoin firm has assisted in recovering around $109 million in USDT from illicit activities over the past 10 years. In an August statement, the CEO asserted that the company is “fully dedicated” to continuing its collaboration with law enforcement to combat fraud.
Tether Unveils Local AI Development Kit
In addition to USDT’s reserves disclosure, Ardoino introduced Tether’s upcoming AI software development kit (SDK) for creating and deploying artificial intelligence systems on various devices.
Ardoino claims it is privacy-focused and uses peer-to-peer technology. This allows developers to write code for all devices, from mobile phones to high-end computing systems powered by H100 chips. According to Ardoino, the SDK supports multiple AI models, including Llama and Marian, making it suitable for various purposes. The Tether AI SDK has not yet launched. However, Ardoino stated that it would be open-sourced once the company completes testing and confirms it is ready for public release.