Tether CEO Paolo Ardoino has dismissed recommendations that the stablecoin firm has been offloading its bitcoin holdings to be able to purchase gold.
Ardoino stated Tether, issuer of the world’s largest stablecoin USDT, “did not promote any bitcoin,” in a publish on X on Sunday.
The Tether CEO was responding to recommendations from YouTuber Clive Thompson that the secoind quarter attestation knowledge of the corporate’s reserves confirmed a drop from 92,650 BTC within the first quarter to 83,274.
Samson Mow, CEO of Bitcoin expertise firm JAN3, responded to Thompson’s publish, declaring that Tether had despatched practically 20,000 BTC to bitcoin treasury firm Twenty One Capital (XXI), of which Tether is a majority shareholder.
“Appropriate,” Ardoino stated in response to Mow’s publish. “As Samson says beneath, [Tether] contributed a part of its stash into XXI.”
“Whereas the world continues to get darker, Tether will proceed to take a position a part of its earnings into protected belongings like bitcoin, gold and land,” Ardoino added.
Tether already holds $8.7 billion value of gold bars and it has been reported that it plans to spend money on mining the dear steel.
