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Paolo Ardoino, the chief executive officer at USDT minting company Tether, has made an announcement, revealing part of Tether’s venture portfolio. He made public the names of some of the companies Tether has invested in recently, promising that this list is going to expand.
Tether's investment list revealed
According to the tweet, the total list contains more than 120 companies supported by investments from the stablecoin issuing giant. Along with publishing a screenshot with some of these companies in his tweet, Ardoino also added a link that leads to Tether’s website and reveals the complete list of these business ventures.
Having started from running Tether and issuing USD-backed stablecoin USDT, the company first expanded the release of stablecoins to various blockchains and then started issuing new products — stablecoins backed not only by the U.S. dollar, but also by the euro and gold. Currently, USDT is the most popular stablecoin and also the biggest by market capitalization value — more than $162 billion. It is followed by Circle’s USDC by this metric.
Ardoino faces backlash from crypto community
In a tweet published earlier, Ardoino revealed the total amount of USDT tokens issued by Tether and sent into circulation — 162 billion.
This statement triggered a negative reaction from the crypto community, with many beginning to rebuke Tether for printing assets out of thin air and likening these frequent USDT releases to the Federal Reserve printing U.S. dollars backed by nothing. Unlike the U.S. dollar, according to audits and Tether reports, USDT is backed not only by dollar deposits but also by U.S. Treasury bills and other liquid assets.
Vladislav Sopov
U.Today Editorial Team