TetherCEOPaoloArdoinohasdisclosedthatthecompanyholdsmorethan82,000Bitcoinand48tonnesofgoldinitsreserves.ArdoinodisclosedthisonXwhileclarifyingcommentsaboutTetherUSDTreserves.
ThiswasinresponsetohisearlierstatementattheLuganoPlanBEventwhendiscussingTetherproducts.Accordingtohim,thecompanyalsohasover$100billioninUSTreasuriesbackingtheUSDTstablecoin.Thus,allitsUSDTisfullybacked.
Hesaid:
“SinceIseealotofconfusioninthisthread,letmeclarifythat:–Tetherhas~100BinUStreasuries.Plusithas82k+BTCand48T+ofgold.”
Ardoinocommentshaveattractedpositivecommentsfromthecryptocommunity,withsomenotingthediversificationofTetherreserves.SomeobservedthatTetherhavinggoldtobackUSDTisverygood,whichmeansUSDTisgold-backed.Intheiropinion,thismakesitevenbetterthantheactualUSdollar,whichstoppedthegoldbackinginthe1970s.
Meanwhile,otherusersaremorecuriousaboutthefullstateofTetherreserves,particularlyhowitcustodiesthegoldandwhethertheyareaudited.OneuseronXquestionedwhetherthegoldinTetherreservesisactualgoldbullionorderivativessuchasexchange-tradedfunds(ETFs)andoptions.
CryptomarketsrecoveringfromFUDaboutTether
ThepublicdisclosureofhowTetherbacksitsUSDTstablecoinappearsconnectedtotherecentclaimsbytheWallStreetJournalthatthecompanyisunderinvestigationbytheUSDepartmentofJustice.AlthoughTetherimmediatelymovedtodismissthenews,whichittermedasmerespeculationand“regurgitatingoldnoise,”itwasenoughtocauseareactioninthemarket.
Ardoinohassincetriedtoquellthefears,uncertainty,anddoubts(FUD),notingthatTethercollaborateswithlawenforcementglobally,includingintheUS,totacklecrimes.Therefore,thecompanywouldhaveinformationaboutaninvestigationagainstit.
Hesaid:
“Wewouldknowifwearebeinginvestigatedasthearticlefalselyclaimed.Basedonthat,wecanconfirmthattheallegationsinthearticleareunequivocallyfalse.”
ThisisnotthefirsttimethestabilityofUSDThasbeenquestioned,andeachtime,ithasraisedbroaderconcernsinthemarket.USDToccupiesanimportantpositioninthecryptomarket,withamarketcapof$120billion,anditisusedformostcryptotransactions.PerdatafromCoinMarketCap,USDThadatradingvolumeof$32billioninthelast24hours,morethananyothercryptoasset,highlightingitsimportancewithinthecryptoecosystem.
ThisimportancemeansanynewsquestioningUSDTstabilityalwayshasanegativeimpactonthemarket.However,themarketappearstohaverecoveredfromtheFUDthatfollowedthenews.Bitcoinvaluehasincreasedslightly,andtotalopeninterestincryptoproductshasincreasedbymorethan1%,accordingtoCoinGlass.Still,futuresvolumeisdown43%inthepast24hours.
TetherteasesLocalAIDevelopmentKit
Meanwhile,Tethercontinuesitsgradualdiversificationeffortstoexpanditsbusinessbeyondstablecoinissuance.ThecompanyrecentlyprevieweditsLocalAIdevelopmentkitforwritinganddeployingartificialintelligencesystemsonvariousdevices.
Ardoino,whounveiledtheproduct,claimsitisprivacy-focusedandusespeer-to-peertechnologytoenabledeveloperstowritecodesonalldevices,frommobilephonestohigh-endcomputingsystemspoweredbyH100chips.AccordingtoArdoino,theSDKsupportsmultipleAImodels,includingLlamaandMarian,enablingitsuseforseveralpurposes.
Ardoinosaid:
“Tether’sAISDKisextremelymodular,itusessupportsanymodel(Marian,Llama,…)andloads/storesweightsandfine-tuningdatainP2Pdatastructures.”
TheTetherAISDKhasnotbeenlaunched,butasArdoinonoted,itwillbemadeopen-sourceoncethecompanyhasfullytestedandascertainedthatitisreadyforpubliclaunch.
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