Tether CEO Paolo Ardoino has disclosed details about the stablecoin issuer’s reserves, revealing that it holds $5.58 billion in Bitcoin (BTC), $3.87 billion in gold, and approximately $100 billion in U.S. Treasury bonds.
This breakdown comes as the company faces allegations of a federal investigation in the U.S. and renewed questions about its reserve backing.
Reserve Breakdown
During the PlanB event in Lugano, Switzerland, where the company unveiled a Satoshi Nakamoto statue, the CEO disclosed that Tether’s reserve includes 82,454 BTC and 48.3 tons of gold.
A slide from the presentation, later shared by Uquid CEO Tran Hung on X, caused some online discussion. One user questioned whether these assets were sufficient to fully support USDT’s recently recorded $120 billion market cap.
Responding to the online speculation, Ardoino clarified that the company’s reserves also include major holdings in U.S. Treasury bonds in addition to the gold and Bitcoin.
This announcement coincides with a recent Wall Street Journal (WSJ) report alleging that the U.S. Attorney’s Office in Manhattan is investigating Tether for potential money laundering violations. According to the article, unnamed sources claim that authorities are scrutinizing whether the company has been used by third parties to support illegal activities, including drug trafficking, terrorism financing, and hacking.
It also suggests that investigators are examining whether Tether may have indirectly supported sanctioned entities, such as Russian arms dealers and Hamas.
Tether’s CEO Responds to Allegations
The crypto company has, however, denied the WSJ claims. Ardoino also responded to them, stating:
“As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.”
He emphasized that the stablecoin issuer maintains a collaborative relationship with law enforcement to counter criminal activities. According to an August statement, since 2014, Tether has assisted in the recovery of over $109 million in assets linked to illicit activities such as fraud and sanctions evasion. The CEO concluded by describing the article’s claims as “unequivocally false.”
Meanwhile, the report has intensified scrutiny around the firm’s transparency and regulatory practices, especially as critics have long questioned whether its reserves fully back USDT’s dollar peg.
A recent report by the nonprofit group, Consumers’ Research, criticized Tether’s lack of a full audit of its reserves and raised concerns about its international activities.
The organization also questioned the company’s activities in countries such as Venezuela and Russia, suggesting that its operations there may have enabled the evasion of international sanctions.
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