The Scene at Lugano’s Plan â‚¿ Forum
The crypto world got a fresh look at Tether’s financial arsenal this weekend as Paolo Ardoino, Tether’s CEO, shared some tantalizing details in Lugano, Switzerland. Speaking at the Plan â‚¿ Forum, Ardoino revealed that Tether holds a treasure chest of 82,454 BTC and 48.3 tons of gold. But here’s the kicker: it’s just the tip of the iceberg. Tether’s reserves are way more than a Bitcoin and gold vault; it’s layered, intricate, and far-reaching.
Tether Flexes Market Muscle – BTC and Gold Unleashed
Ardoino’s reveal comes amid Tether’s meteoric rise, boasting a market cap exceeding $120 billion. With USDC lagging at $34.65 billion, Tether’s growth is eye-popping. At the forum, attendees saw a slide showing Tether’s reserves: roughly $5.58 billion in Bitcoin (BTC) and $3.87 billion in gold. Calculated at October 27 rates, these figures had crypto Twitter buzzing. But here’s where the story gets wild – Tether’s BTC and gold holdings, tallying $9.45 billion, don’t quite align with its market’s colossal heft.
Paolo Clears the Air with a Simple “X” Factor
In classic Paolo fashion, he addressed the speculation on X, hitting back with specifics. Tether’s stash doesn’t stop at Bitcoin and gold; they’ve also parked themselves on some hefty U.S. government bonds. “For those confused, Tether holds about $100B in U.S. treasuries,” he stated. With BTC, gold, and a fat chunk of bonds, Tether’s reserves seem way more than a crypto stash – think a hybrid, multi-asset fortress.
Wall Street Journal, Tether’s Nemesis?
The timing couldn’t be better for the stablecoin giant to reassert itself. The Wall Street Journal had previously stirred up talk, quoting unnamed sources about a U.S. government investigation into Tether. But Tether and Ardoino didn’t hold back, saying the WSJ is just recycling “old noise.” With terms like “wildly irresponsible” and “reckless allegations” flying around, Tether went on the offensive, stamping out what it called sensationalism.
Tether’s reserve revelation is more than a crypto flex; it’s a peek into how this stablecoin titan really stacks its chips. And it’s got the crypto realm asking – what else does Tether keep tucked away?
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