As a seasoned crypto investor with more than a decade of experience navigating the digital asset landscape, I find myself cautiously optimistic about Tether (USDT) following the recent allegations and financial disclosures.
Last week, Tether’s CEO, Paolo Ardoino, disclosed information about the company’s financial reserves during a talk at the Plan ₿ Forum in Lugano, addressing recent allegations of questionable legal and regulatory practices regarding their stablecoin, USDT. As of now, USDT is valued at $1.00, with a daily volatility of 0.0%, a market cap of $120.21 billion, and a 24-hour trading volume of $33.54 billion.
At the moment, Tether’s USDT stands as the dominant stablecoin in the market with a staggering market capitalization of around $120 billion. This is approximately 3.47 times larger than its nearest rival, USDC, which holds a market cap of about $34.65 billion.
At the Plan ₿ Forum last weekend, Uquid’s CEO Tran Hung presented a slide illustrating Tether’s reserves with approximately $5.58 billion in Bitcoin (BTC: $68,269) and an additional $3.87 billion in gold, based on the exchange rates from October 27th. The 24-hour volatility was 1.7% while the market cap stood at $1.35 trillion, with a 24-hour trading volume of $22.82 billion.
Although examining Tether’s Bitcoin and Gold holdings, doubts began to emerge in a discussion by Hung, with individuals questioning whether the total reserves of $9.45 billion align perfectly with the stablecoin’s market value backing.
In response to these issues, Tether’s CEO, Paolo Ardoino, added his thoughts. He noted that a significant portion of Tether’s reserves is comprised of U.S. government bonds as well.
To alleviate any misunderstandings in this discussion, I’d like to provide some clarity on the following points:
It’s worth noting that Tether holds a significant amount of U.S. government bonds, even surpassing the bond values held by some prominent economies such as Germany.
Tether Chooses to Look Past Regulatory Allegations
Last week, Tether, a company that issues stablecoins, was hit with new accusations suggesting they are under investigation for breaching anti-money laundering regulations. Yet, Tether’s CEO, Paolo Ardoino, quickly refuted these allegations, labeling a Wall Street Journal report as merely rehashing old information. One of the representatives from Tether also commented on this matter.
“These tales seem to be mere wild guesses, as Tether has stated they have no awareness of any such investigations concerning the company. However, the article seems to hastily brush over Tether’s extensive and well-recorded interactions with law enforcement aimed at preventing misuse of Tether and other cryptocurrencies.
Some experts in the financial sector also think that Tether is currently so substantial that it can’t collapse without causing a ripple effect throughout the entire cryptocurrency market. Despite questions about its reserves, Tether has consistently passed the test of time. Even during turbulent market conditions and increased withdrawals, the company has consistently adhered to liquidity requirements.
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2024-10-28 12:04