The Chief Executive Officer of Tether has acknowledged the presence of issues related to confirming the exact volume of the company's reserves but assured that they consistently exceed 100%. According to him, this ensures the stability of the USDT stablecoin and eliminates potential threats.
Paolo Ardoino gave an interview to the Brazilian publication Portal do Bitcoin, where he noted that the company occasionally faces accusations of lack of transparency, failure to undergo objective assessments and audits of reserves by regulators. Sometimes, such accusations even lead to legal actions, as was the case with U.S. authorities in 2021.
At the same time, Paolo Ardoino does not deny the existence of problems and the legitimacy of regulatory demands. He emphasizes that the main issues that led to complaints from regulatory bodies have already been resolved. Tether has learned from its mistakes, and despite past problems, the USDT stablecoin has never lost its peg to the underlying asset, the U.S. dollar.
Recently, Tether announced voluntary cooperation with the Office of Foreign Assets Control (OFAC). This means that the company will block wallets in its smart contract associated with individuals and organizations subject to OFAC sanctions.
