Renowned investor and media personality Kevin O’Leary made a sharp distinction between Bitcoin (CRYPTO: BTC) and dollar-denominated stablecoin on Monday, attributing the latter’s value to its backing by U.S. Treasuries or T-bills.
Why O’Leary Thinks Stablecoin Have Value
O’Leary took to X, sharing a clip from his recent appearance on Fox News, in which he described Bitcoin as a “speculative asset,” prone to volatile price swings.
In contrast, he pointed out that “stablecoins have value” as they are backed by reserves of cash and cash equivalents, including T-bills.
Tether (CRYPTO: USDT), the issuer of the world’s largest stablecoin by market capitalization, holds over $141 billion in U.S. Treasuries, although an independent audit has never verified these numbers.