At the Plan ₿ Forum in Lugano, Paolo Ardoino said his company had “give or take 150,000 Bitcoin,” but Tether’s third-quarter reserve report lists only 100,060—a gap of nearly 50,000 BTC. That’s no small amount: at current prices, it’s billions of dollars’ worth of assets, and the report doesn’t mention it at all. I’ve been watching this figure for a while. The last thing a stablecoin issuer wants is for its reserves to be unclear. USDT’s credibility is built on “you trust that there’s money in my accounts.” Now the CEO’s own figure is 50% higher than the amount in the attestation. So is the report out of date, are they using different accounting methods, or were those 50,000 coins simply left out of the reserve disclosure? The gap between attestations and audits has always been right there. $BTC