Coinbase CEO: “We may have to delist USDT if Congress demands it.”

According to the Wall Street Journal, Coinbase CEO Brian Armstrong said in an interview at the Davos Journal House in Switzerland that if a new (stablecoin) law is passed in the United States, USDT may have to be delisted. “There are many people holding USDT. We are willing to provide an off-ramp (cryptocurrency to fiat currency exchange) to help them transition to a safer system,” he added. Armstrong explained that the U.S. Congress may require stablecoin issuers, including Tether, to hold U.S. Treasuries and undergo regular audits. According to his explanation, Tether holds most of its reserves in U.S. Treasuries, but some of its reserves also consist of commodities such as BTC and gold.