Tether looks to revamp US image as it celebrates 10 years

Published On Oct 8, 2024, 9:13 AM

Tether, the world's largest stablecoin issuer, is taking steps to improve its public image in the U.S., following scrutiny over its financial practices and transparency regarding reserves. CEO Paolo Ardoino emphasized collaborations with law enforcement and partnerships aimed at enhancing trust. Despite past allegations involving the use of USDT in illicit activities, Tether reports a strong performance, with significant profits and a growing market presence, including strategic investments in emerging technologies. The company claims its USDT is fully backed by reserves, currently over-collateralized at around 104%. However, concerns remain about its large holdings of U.S. Treasurys and the risks posed by rising interest rates.