Tether, known as the issuer of the USDT stablecoin, has denied rumors about selling Bitcoin from its treasury, explaining that recent asset movements were aimed at rationalization and redistribution. This statement comes amid dissatisfaction and misinterpretations of data.
Confusing Interpretations
Rumors of Bitcoin sales originated from a video by commentator Clive Thompson, who cited a decline in Tether's Bitcoin treasury based on BDO attestations. He pointed to a transfer of over 37,000 BTC in June, leading to speculation that the company rotated into gold. However, Tether CEO Paolo Ardoino and Jan3 CEO Samson Mow countered this interpretation, emphasizing that "the bitcoin moved, it was not sold."
Tether's Long-term Plans
Ardoino states that Tether will continue to allocate part of its profits into Bitcoin, gold, and land. The company holds over 100,521 BTC, roughly equivalent to $11.17 billion at current prices. Furthermore, management is looking to increase gold reserves toward $5 billion and has been in talks with mining partners for asset diversification.
Market Questions
Despite Tether's confidence in its approach, significant questions remain for market participants: How well do attestations, wallet forensics, and counterparty disclosures reconcile with stated positions? Additionally, does XXI usage deliver measurable yields or improved collateral mobility? These questions will be closely monitored by the company’s critics.
Tether's current stance illustrates a commitment to a steady treasury management strategy amidst misunderstandings and criticism. The company’s management highlights a desire to ensure stability and protection of assets in a changing financial landscape.
