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9% of issued USDT stablecoins are not backed by assets

9% of issued USDT stablecoins are not backed by assets

HappyCoinNews2024/10/29 15:33
By: HappyCoinNews

According to the company director Tether Paolo Ardoino, 9% stablecoins Tether (USDT) issued by his firm are not backed by assets.

During a recent performance in the Swiss city of Lugano, Ardoino сообщил , which the USDT issuer holds in reserves:

  1. 82 bitcoins worth $454 billion at the current exchange rate;
  2. 48,3 tons of gold worth $4,2 billion;
  3. Securities issued by the US government, approximately $100 billion.

Thus, the value of assets supporting the USDT rate is $109,8 billion, and the level of capitalization of stablecoins reaches $120,2 billion. Accordingly, the issued USDT coins are not fully backed by assets, but only by 91%.

The curious fact is that Paolo ignored the reserve deficit and boasted about the company's savings.

9% of issued USDT stablecoins are not backed by assets image 0

Paolo Ardoino

In addition, Ardoino recently refuted information that American officials are investigating the firm's activities Tether , allegedly suspected of violating money laundering laws and sanctions. He said he was unaware of such an investigation. According to the head of Tether , the company's employees, on the contrary, cooperate with law enforcement agencies in the fight against the illegal use of cryptocurrencies.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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