Paolo Ardoino gave an interview to the Brazilian publication Portal do Bitcoin, where he complained that his company periodically faces accusations from regulators of insufficient transparency, objective assessment and audit of reserves. Sometimes this leads to lawsuits, for example by US authorities in 2021.
Paolo Ardoino did not dispute the existence of problems and the legality of the requirements of government regulators. However, he noted that the main problems that caused complaints from supervisory authorities are a thing of the past. Tether has learned from its mistakes, with the USDT stablecoin never losing its peg to its underlying asset, the US dollar.
“Since Tether’s reserves are located on both the primary and secondary markets, external experts face objective difficulties in determining their geographical location and current market value. At the same time, we can guarantee: today the reserves of the USDT stablecoin exceed 104%,” the CEO assured.
The day before, Tether announced voluntary cooperation with the Office of Foreign Assets Control (OFAC). It is reported that the company will block wallets associated with people and organizations sanctioned by OFAC in its smart contract.