Bankless 212 - Tether CEO on Their $100B Stablecoin ($USDT)
10 snips
Mar 4, 2024 
In this discussion, Paolo Ardoino, the CEO of Tether and a finance and software expert, sheds light on the powerhouse that is Tether, managing over $100 billion. He reveals how USDT is assisting people in emerging markets and tackles common fears surrounding its backing. Paolo emphasizes Tether's strong reserve strategies, competitive landscape, and the crucial role of regulation in ensuring stablecoins' stability. He also addresses misconceptions and the importance of transparency in cultivating trust amid ongoing market scrutiny.
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Tether's Evolving Role
- Tether's growth shifted during the pandemic from a crypto settlement currency to an alternative to fiat money.
- This shift was driven by the financial instability and devaluation of national currencies in emerging markets.
Organic Growth
- Tether's adoption grew organically without a marketing team, driven by user needs.
- In countries like Turkey, where the local currency devalues rapidly, people are using Tether to protect their savings.
Bitcoin vs. Stablecoins
- Bitcoin adoption is hindered by its volatility and the need for user education.
- Stablecoins like Tether act as a gateway, onboarding users to digital currencies and potentially leading to wider Bitcoin adoption.