Tether allocates 15% of its net profit each quarter to buy Bitcoin. What is the total amount of Bitcoin they hold? Official data revealed!

To diversify its reserve assets, Tether, the issuer of the world’s largest stablecoin USDT, allocates 15% of its net profits each quarter to purchase Bitcoin. Recently, during the "Plan ₿" forum held in Lugano, Switzerland, CEO Paolo Ardoino revealed detailed information about Tether's financial reserves, including its holdings in Bitcoin and gold.

 

According to a photo shared by Tran Hung, CEO of Uquid, Tether currently holds 82,454 Bitcoins (worth approximately $5.55 billion) and 48.3 tons of gold (valued at about $3.87 billion). However, this information has sparked extensive discussions within the cryptocurrency community, as many users noted that Tether's combined reserves of Bitcoin and gold total only $9.45 billion, raising questions about the disparity with USDT's market value.

 

In response to these concerns, Paolo Ardoino clarified that Tether's reserve assets also include U.S. Treasury bonds. He explained further:

 

"To clarify this topic's confusion, in addition to the 82,000 Bitcoins and 48 tons of gold, Tether also holds about $100 billion in U.S. Treasury bonds."

 

Additionally, according to a second-quarter attestation report signed by the third-party auditing firm BDO Italy, as of June 30, Tether's total reserves amounted to $118.4 billion, with liabilities of $113.1 billion, resulting in excess reserves of $5.3 billion. The net equity (the value of remaining assets after deducting all liabilities) stands at $11.9 billion.

 

Tether has faced criticism for the lack of transparency regarding its reserve assets for years. Recently, The Wall Street Journal reported that U.S. authorities are conducting a comprehensive investigation into Tether, suspecting serious violations of sanctions and money laundering. The investigation focuses primarily on the company's transparency regarding its dollar reserves and its potential impact on the stability of the cryptocurrency market. However, Paolo Ardoino denied these claims, stating that The Wall Street Journal was merely sensationalizing old news.

 

This article is sourced from Blockcast:

https://blockcast.it/2024/10/28/tether-ceo-reveals-company-holds-555-billion-in-bitcoin/

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AIC Team

2024/11/4