On October 28, during the Plan ₿ forum in Lugano, Switzerland, Tether unveiled comprehensive details regarding its asset reserves. The stablecoin issuer disclosed that approximately $5.58 billion is held in Bitcoin (BTC), along with $3.87 billion in gold, reflecting valuations as of October 27. This brings Tether’s total asset value to an impressive $9.45 billion. Tether’s CEO, Paolo Ardoino, further emphasized the company’s strong liquidity position, stating, “Tether also possesses around $100 billion in U.S. Treasuries.” Such disclosures are pivotal in enhancing transparency within the crypto market, potentially boosting investor confidence as the industry navigates volatile conditions. The combination of significant crypto and fiat reserves illustrates Tether’s commitment to maintaining its peg and stability in the market amid regulatory scrutiny.
Source: https://en.coinotag.com/breakingnews/tether-reveals-massive-reserves-5-58-billion-in-bitcoin-and-3-87-billion-in-gold/