The Vital Role of Tether in Supporting the US Dollar
The CEO of Tether, Paolo Ardoino, recently emphasized the crucial role that Tether plays in supporting the dominance of the US dollar in the global economy. He highlighted this point during a presentation at Cantor Fitzgerald’s Global Technology Conference on March 12.
Key Points from Ardoino’s Presentation:
- Ardoino mentioned that Tether USD (USDT) is the pioneering product that kickstarted the stablecoin industry.
- He highlighted Tether’s impressive 13% user growth over the last quarter, reaching a milestone of 400 million users worldwide.
- Tether’s significant holding of $113 billion in US Treasuries positions it as the 19th largest US debt holder globally, surpassing many countries.
Tether’s Commitment to Transparency
Ardoino reiterated Tether’s commitment to transparency, aiming to become the most transparent company globally. He emphasized that Tether’s transparency makes it a crucial ally for the US in upholding the dollar’s global supremacy.
USDT’s Role in Safeguarding the US Dollar
According to Ardoino, USDT plays a pivotal role in maintaining the US dollar’s dominance, especially in emerging markets where it is the primary means for individuals to access the US dollar. This widespread adoption of stablecoins has expanded the influence of the US dollar in these regions.
Ardoino expressed concerns about the potential threat posed by BRICS, a coalition of emerging economies, planning to introduce a gold-backed coin to challenge the US dollar’s supremacy. He emphasized that Tether’s presence in these regions is essential for preserving the dollar’s hegemony.
“Tether is the driving force behind the dollar’s dominance in these countries.”
