Bitcoin

Tether CEO Paolo Ardoino dismissed concerns about stablecoin competition. 
Tether CEO Paolo Ardoino has <a rel="nofollow" href="https://x.com/paoloardoino/status/1887872308208865643" target="_blank">dismissed</a> concerns about competition in the stablecoin market, emphasizing Tether’s (<a href="https://crypto.news/price/tether/">USDT</a>) decade-long growth and extensive distribution network.&nbsp; 
Tether is currently <a href="https://crypto.news/kraken-to-shutter-tether-trading-in-europe-by-march-31/">facing regulatory challenges</a> in Europe due to the European Union’s <a href="https://crypto.news/tag/mica">Markets in Crypto-Assets</a> regulations, leading exchanges like Crypto.com and Kraken to delist USDT in the region. 
Additionally, Tether’s market value has declined to a two-year low amid these new regulations, raising concerns about its future stability. 
 You might also like: <a href="https://crypto.news/bitcoin-allocation-plan-could-push-czech-republic-ahead-of-uk-germany-bitget-ceo/"> Bitcoin allocation plan could push Czech Republic ahead of UK, Germany: Bitget CEO </a> 
<h2 class="wp-block-heading" id="so-no-i-m-not-worried">‘So no, I’m not worried.’</h2> 
Speaking at the PlanB Forum in El Salvador and later on X, Ardoino contrasted Tether’s approach with that of its competitors, which rely on investor capital and bank incentives. 
For context, Ardoino was asked about Tether’s competitors. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Tether has been building for the last 10 years one of the widest digital and physical distribution networks in the history of humanity,” Ardoino said. “While some competitors raise capital from investors and grow their market cap paying incentives to banks to keep their stablecoins in the balancesheet, Tether has 100s thousands of partners, building kiosks across all developing countries, digital platforms with tens of millions of users and mind-blowing technology.” 
</blockquote> 
According to Ardoino, this scale has enabled USDT to provide financial access to 400 million users in emerging markets, many of whom lack traditional banking options. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/paoloardoino/status/1887872308208865643 
 </div>
</figure> 
Ardoino also highlighted Tether’s role in supporting the U.S. economy through purchases of U.S. Treasuries, reinforcing the dollar’s position as the dominant global currency. 
Confident in Tether’s market position, he concluded, “So no, I’m not worried.” 
 You might also like: <a href="https://crypto.news/stop-thinking-like-a-trader-start-thinking-like-a-bank-emcd-ceo-on-cryptos-future/"> ‘Stop thinking like a trader, start thinking like a bank’: EMCD CEO on crypto’s future </a>

Tether CEO ‘not worried’ about concerns over USDT competition

Table of Contents

crypto.news

Other articles published on Feb 7, 2025

5 Explosive Crypto Picks to Watch: Don’t Skip This Best Meme Coin Presale to Buy Now for Massive ...

Media Effectiveness: How CMOs Can Get CFOs to See Marketing as a Value Driver

Crypto’s $100B Custody Rush: Institutions Flock to Secure Solutions

Stablecoins account for 90% of crypto use in Brazil — Central bank chief

Crypto Veteran Predicts XRP Hitting $10 as DOGEN Targets a Colossal 6500% ROI

Bybit Resumes Operations in India After Regulatory Clearance

Join our free newsletter for daily crypto updates!