Early Uber Investor Urges Tether to Dump Bitcoin and 'Americanize' Operations
Jason Calacanis, an early Uber backer and prominent tech investor, publicly pressed Tether on Friday to divest its Bitcoin holdings and to “fully stabilize and Americanize” its operations. Calacanis argued that a clearer, U.S.-centric governance framework and removing volatile crypto from Tether’s reserves would help restore trust in the issuer and lower systemic risk tied to the world’s largest stablecoin.
The push matters because Tether’s reserve strategy is closely watched by markets and regulators; its exposure to Bitcoin has been a recurring flashpoint for critics who say stablecoins should prioritize stability over yield. If Tether were to reduce or sell BTC reserves, it could affect Bitcoin liquidity and prices in the short term while potentially easing regulatory pressure on USDT. The exchange between market stability and reserve transparency will be central as lawmakers and firms weigh how to tighten oversight of stablecoin issuers.