At the Plan ₿ Forum in Lugano, Switzerland, Tether CEO Paolo Ardoino provided insights into the financial reserves of Tether, revealing that the stablecoin issuer holds 82,454 BTC and 48.3 tons of gold. This disclosure comes as Tether’s market capitalization surpassed $120 billion, making it approximately 3.47 times larger than its closest competitor, USD Coin (USDC), which stands at $34.65 billion.
During his presentation, Ardoino shared a slide that detailed Tether’s reserves, which are valued at approximately $9.45 billion based on October 27 exchange rates. This includes $5.58 billion in Bitcoin (BTC) and $3.87 billion in gold
However, some attendees noted that these figures did not fully account for Tether’s market backing, prompting questions about the completeness of the reserve disclosures.
In response to the confusion, Ardoino clarified on X (formerly Twitter) that Tether’s reserves also consist of U.S. government bonds. He stated thus, “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.”
This clarification emphasizes that Tether’s financial backing is more extensive than just its holdings in Bitcoin and gold.
Tether has been under scrutiny following a report by the Wall Street Journal (WSJ), which cited anonymous sources claiming an ongoing U.S. government investigation into the stablecoin issuer. In response to these allegations, Ardoino and Tether strongly refuted the claims, describing the WSJ report as “wildly irresponsible” and filled with “reckless allegations.”
Tether’s prominence as a stablecoin issuer is notable; it accounts for approximately 71% of the market for U.S. dollar-backed stablecoins. The company has faced scrutiny over its reserve practices and transparency but continues to maintain a dominant position in the cryptocurrency market.