JPMorgan says Tether, owner of USDT, could sell 93,000 bitcoins to comply with regulation

Analysts at JP Morgan, the largest bank in the US, said on Thursday (13) that Tether, the issuer of the stablecoin USDT, could sell its more than 93,000 bitcoins (R$ 51.7 billion) to comply with new US regulations.

According to Tether's most recent report, dated December, the company had US$ 143.7 billion in assets backing USDT. Of this total, US$ 7.8 billion were in Bitcoin and another US$ 5.3 billion in precious metals such as gold.

Most of the backing is in US Treasury bonds, which offer a good reward with minimal risk.

Tether CEO Taunts JP Morgan

Paolo Ardoino, CEO of Tether, took to social media to respond to JP Morgan’s analysis. In a few words, the executive mocked the bank’s analysis, implying that they will not sell their bitcoins.

“JPM analysts are resentful because they don’t have Bitcoin.”

Minutes later, the executive joked that “Tether analysts say JPM doesn’t have enough Bitcoin.”

According to data from Arkham Intelligence, Tether currently holds 93,433 bitcoins in its wallet.

Could the price of Bitcoin fall with this sale?