Tether is confident in its “simple” adaptation to US stablecoin regulations and disagrees with JPMorgan analysts’ conclusions about the need to sell bitcoins. This was stated by USDT issuer’s CEO Paolo Ardoino to The Block.
On February 13, bank specialists claimed that the company would face the necessity of selling bitcoins to comply with US legislation.
Currently, Tether holds 83,758 BTC (~$8.04 billion).
The experts’ conclusions are based on the STABLE Act proposed in the House of Representatives and the GENIUS Act in the Senate.
The documents suggest the use of US Treasuries and other liquid and reliable assets. According to JPMorgan, only 66%-83% of USDT reserves meet these criteria.
Besides the first cryptocurrency, Tether might have to dispose of gold, corporate bonds, and secured loans.
According to Ardoino, analysts did not consider the company’s capital.
“Even in the most extreme scenario, JPMorgan misses the fact that the issuer’s own funds exceed $20 billion in other liquid assets and generate more than $1.2 billion in quarterly profits through US Treasuries,” he explained.
Ardoino refrained from directly answering the question about the necessity of selling digital gold.
JPM analysts are salty because they don’t own Bitcoin.
— Paolo Ardoino ?? (@paoloardoino) February 13, 2025
“JPM analysts are bitter because they don’t own bitcoins,” he quipped.
The firm’s CEO explained that the organization “closely monitors the development of legislative initiatives and interacts with regulators.”
Back in 2023, Tether announced regular investments in the first cryptocurrency.
In February 2024, the company reported plans to create an AI application for bitcoin wallets.