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Tether Reveals $100B in U.S. Treasury Bonds, Denies Allegations Amid Scrutiny

Oct 30, 2024, 05:52 PM

Amid increased scrutiny, Tether has disclosed the composition of its asset reserves, revealing $5.58 billion in Bitcoin, $3.87 billion in gold, and approximately $100 billion in U.S. Treasury bonds. This announcement was made by CEO Paolo Ardoino at the Annual Plan ₿ Forum in Lugano. The disclosure comes as Tether faces heightened scrutiny over whether its reserves fully back its USDT stablecoin. Concurrently, the U.S. Treasury has released a report highlighting the significant impact of stablecoin growth on the demand for Treasury bills, noting that stablecoins hold $120 billion in T-bills, with Tether alone holding $81 billion. The Treasury's report also discusses the potential benefits and risks of tokenizing U.S. Treasuries, although it downplays the role of crypto in financial inclusion. Additionally, Tether has denied allegations from the Wall Street Journal that it is under investigation by the U.S. government.