Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
9% of issued USDT stablecoins are not backed by assets

9% of issued USDT stablecoins are not backed by assets

HappyCoinNewsHappyCoinNews2024/10/29 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.

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04