Tether CEO Paolo Ardoino has clarified the company’s reserves.

Ardoino said the company held billions of dollars in Bitcoin and gold.

The comment came after Tether recently faced scrutiny over the transparency of its reserves.

Tether CEO Paolo Ardoino has confirmed that the company’s reserves for its dollar-pegged stablecoin, USDT, include thousands of Bitcoins and tons of gold.

Ardoino’s clarification came as USDT, the world’s largest stablecoin with a $120 billion market cap, has recently faced scrutiny over the transparency of its reserves. In September, Cyber Capital founder stirred fears about the company’s reserves, alleging that USDT was a multibillion-dollar “scam,” bigger than FTX and Bernie Madoff combined.

Ardoino Sets the Record Straight

According to Uquidcard CEO Tran Hung, Ardoino revealed during the 3rd Annual Plan ₿ Forum in Lugano that Tether’s “best hedge against chaos” includes 82,454 BTC ($5.5 billion at the current market rate) and 48.3 tons of gold. Sponsored

The CEO confirmed the report in an October 27 X post after a user expressed doubts about the reserves, claiming they seemed “small.”

“Since I see a lot of confusion in this thread, let me clarify that Tether has ~100B in US treasuries,” Ardoino wrote. “Plus it has 82k+ BTC and 48T+ of gold.”

While Ardoino’s comment inspired confidence, especially among users who worry its stablecoin isn’t fully or safely collateralized, Tether has yet to conduct comprehensive audits that could provide an in-depth evaluation of its financial statements and internal controls over a longer period.

Ardoino recently told Fox Business that Tether was keen on resolving these doubts through a Big 4 audit, but accounting firms in this category, which include Deloitte, PwC, EY, and KPMG, were reluctant to work with the company because they feared it would damage their reputations.

Read how Tether denied Fed investigation rumors:Tether Denies WSJ Rumors: No Fed Probe, No IPO—Only Innovation

Stay updated on USDT’s $120B market cap:Tether’s USDT Stablecoin Eclipses $120 Billion Market Cap