Crypto
The most traded crypto turns to Washington to dispel money laundering suspicions
Tether's reserves grow to $137 billion amid ongoing audit
Published: March 13, 2025 12:56
Last updated: March 13, 2025 18:44
Broad legislative efforts to regulate the cryptocurrency sector
CEO of Tether Holdings, Paolo Ardoino - Bloomberg
CEO of Tether Holdings, Paolo Ardoino - Bloomberg
Source:
Bloomberg
In addition to being the most traded cryptocurrency in the world, the stablecoin from Tether Holdings has faced questions for years about its reserves and its use in illegal activities.
Now, the company's CEO Paolo Ardoino claims he has proof of the soundness of his position during his first visit to the United States, which included a stop in Washington last week, coinciding with President Donald Trump's hosting of the first digital assets summit.
Tether has long denied speculation about its use in money laundering and financing terrorism. Since taking office last January, Trump has established a supportive regulatory framework for cryptocurrencies, which included dropping lawsuits against about 12 companies operating in the sector.
Ardoino clarified yesterday, during a conference organized by Cantor Fitzgerald in New York: "We have gone through very difficult circumstances. Some said that if I visited the United States, I would be arrested, but here we are."
What is the reserve backing the stablecoin USDT?
The stablecoin USDT, issued by the private company based in El Salvador, aims to stabilize the volatile cryptocurrency market by pegging its value to the US dollar, allowing users to navigate between digital assets without the need to convert to traditional currencies.
USDT became a staple in the sector during its early stages when most cryptocurrency trading platforms and companies struggled to access traditional banking services. Most transactions using USDT are conducted anonymously.