On The Brink with Castle Island Paolo Ardoino (Tether) on stablecoin bills, pursuing an audit, and getting to 400m users (EP.606)
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Mar 26, 2025 
Paolo Ardoino, CEO of Tether, shares insights on the stablecoin landscape and regulatory challenges. He discusses Tether's move to El Salvador and their ambition to analyze user behavior for reaching 400 million users. Ardoino highlights the impact of recent US stablecoin bills and the necessity for a Big 4 audit amid political pressures. He also addresses concerns about crypto dollarization and emphasizes Tether's strategy in diverse markets while navigating new relationships and regulations. His perspective is a blend of optimism and cautious realism.
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Tether's Treasury Holdings
- Tether is the 7th largest buyer of US Treasury Bills, potentially even top 3 if hedge fund fragmentation is considered.
- Paolo Ardoino emphasizes Tether's role in distributing the US dollar globally.
The Future of USD Hegemony
- Ardoino predicts a "deep seek" moment for USD hegemony, similar to AI's inflection point.
- He warns of China's de-dollarization efforts and potential gold-backed stablecoin by BRICS nations.
Tether's Focus on Emerging Markets
- Tether's focus is building a dollar distribution network, especially in emerging markets where US presence is limited.
- Ardoino highlights the need for different stablecoin regulations for domestic and international use cases.