In a recent statement, Tether CEO Paolo Ardoino addressed concerns regarding the company’s management of its bitcoin assets. In a post on X, Ardoino firmly stated that Tether, the issuer of the world’s largest stablecoin, USDT, has not sold any of its bitcoin holdings. This declaration comes in response to discussions initiated by YouTuber Clive Thompson, who pointed out a noticeable decline in Tether’s bitcoin reserves, which reportedly decreased from 92,650 BTC in the first quarter to 83,274 BTC by the second quarter, according to the company’s attestation data.
Samson Mow, the CEO of Bitcoin technology firm JAN3, also weighed in, highlighting that Tether had transferred nearly 20,000 BTC to Twenty One Capital (XXI), a bitcoin treasury company where Tether holds a majority stake. Ardoino acknowledged this point, confirming that Tether contributed part of its bitcoin holdings to XXI.
Despite the drop in reported reserves, Ardoino emphasized Tether’s commitment to investing in secure assets. “While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like bitcoin, gold, and land,” he stated.
Additionally, Tether already has significant investments in gold, holding approximately $8.7 billion worth of gold bars, and it has been reported that the company plans to delve into mining the precious metal. This strategic focus on diverse assets reflects Tether’s approach to maintaining stability and ensuring continued growth in an evolving financial landscape.
