The CEO of the top stablecoin project, Paolo Ardoino, formerly the CTO of Tether, has emphasised the company’s noteworthy profits and the widespread usage of USDT as an inflation hedge.
While other cryptocurrencies have seen volatility over the last year, Tether (USDT) has seen growth in circulation, according to Ardoino, who spoke with the Wolf of All Streets Podcast.
By holding US Treasury bonds and making short-term investments with careful risk management, Tether is able to produce its own cash and equity. He also said that $72.6 billion in US Treasury notes are still held by Tether.
Tether is still committed to offering a stablecoin with a value exactly equal to the US dollar. Tether made $700 million in profit during the final quarter of 2022.
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Ardoino claims that despite being one of the most closely watched businesses globally, Tether has persevered through several high-profile bankruptcies and black swan occurrences in the web3 industry and is actively collaborating with law enforcement, including the Department of Justice.
Clearing the Air: Paolo Ardoino of Tether on USDT Market Cap Surge,Clearing the Air: Paolo Ardoino of Tether on USDT Market Cap Surge
The CEO stated that there are no plans for Tether to go public and that the company’s goal is still to offer a stablecoin with a value pegged to the US dollar.
The business generates its own cash and equity by investing short-term funds responsibly and holding US Treasury securities.
Ardoino claims that despite the volatility of other cryptocurrencies and stablecoins over the past year, Tether’s USDT has increased in circulation. USDT is now the third-largest cryptocurrency in the world with a market worth of over $85 billion, despite the current bear market. Due to its recent financial success, Tether is thinking about diversifying.
Additionally, he said that they intend to become a full-service tech supplier, which would need them to have knowledge in vital areas such as energy, communication, and financial infrastructure.
Turbulence in regulations and stablecoins
In the realm of cryptocurrencies, stablecoins have lately gained popularity, with various stories pertaining to them making news.
The desire for stablecoins in developing countries, according to Brian Brooks, a partner at Valour Capital Group, a former Acting Comptroller of the Currency, and the CEO of Binance U.S., has the potential to restore the US dollar’s relevance.
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Significant progress was achieved on July 27 when the U.S. House Financial Services Committee advanced a measure that would establish federal regulations for stablecoins, a class of cryptocurrencies that are often correlated with traditional assets such as the US dollar.
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