- Paolo Ardoino addresses Tether’s significant growth and its connection with the US government.
- Tether holds about $98 billion of US Treasury Bills, becoming one of the world’s largest US Treasury holders.
- One of the key reasons for USDT’s fast-paced growth was its simple and understandable model.
Tether CEO Paolo Ardoino recently highlighted the company’s strong ties with the US government, boasting a relationship stronger than that of its competitors. As Tether nears its 10-year anniversary, Ardoino remains confident of its connection with the US government, especially due to its significant holding of US debt to back its USDT stablecoin.
In an interview, Ardoino shed light on Tether’s success, securing a prominent position in the competitive crypto market. He also posited that the platform has maintained a friendship with the United States. He cited its compliance efforts and adherence to the local regulatory rules as one of the reasons for its “very good relationship” with the US. He added, “Tether is the only stablecoin that onboarded the Federal Bureau of Investigation and the United States Secret Service.”
Tether holds about $98 billion of US Treasury Bills, becoming one of the world’s largest US Treasury holders. Ardoino acknowledges Tether as the US government’s “best friend” as the company holds more US Treasury securities than Germany. He further stated, “We are happy to decentralize the ownership of the US debt, making the US much more resilient.”
Sharing insights on Tether’s growth, Ardoino stated that one key reason for USDT’s fast growth was its simple and understandable model. He added that only simple things would work long-term, positing that challenging projects like algorithmic stablecoins are complex.
Read also: Stablecoins Hit Record $177B Market Cap, Tether Leads Surge
The Tether CEO also highlighted other key factors that contributed to the significant adoption of the USDT stablecoin. Over the past 10 years, the platform concentrated on stablecoins without getting distracted by other trends like ICOs and NFTs. In addition, the firm was able to meet market needs by understanding the key users and addressing the increasing demand for stablecoins.
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Source: https://coinedition.com/is-tether-the-best-friend-of-us-government-tether-ceo-weighs-in/