Tether CEO touts USDT as key US ally in maintaining the dollar’s dominance
Tether CEO Paolo Ardoino argued that Tether is the “most important ally for the US” in its goal of maintaining the dollar’s dominance in the global economy.
He made the statement during a presentation at Cantor Fitzgerald’s Global Technology Conference on March 12, where he also noted that crypto companies want to copy Strategy or Tether’s business models since they are “very profitable and exciting.”
Ardoino said that Tether USD (USDT) is the product responsible for creating the stablecoin industry. He also highlighted the firm’s 13% user growth over the past quarter, reaching 400 million users worldwide.
Ardoino credited Tether and stablecoins’ growth to the US dollar. He explained:
“Is it because we are great in marketing? Is that because we are fantastic? No. The reason why the growth is so fast is that, if you go outside the US, stop 1,000 people in the streets and ask them if they would prefer to hold the US dollar or would they prefer to hold their national currency, every single one of them will say ‘I prefer to hold the dollar.’”
Important ally for the US
Ardoino also stated that Tether’s goal is to be the most transparent company in the world and argued that the company is a key ally for the US in its goal of maintaining the dollar’s global hegemony.
He noted that Tether holds $113 billion in US Treasuries, making it the 19th largest US debt holder and placing it ahead of most countries in the world.
Ardoino reiterated his March 11 speech at the Bitcoin Policy Institute’s event, “Bitcoin for America,” about USDT’s role in safeguarding the US dollar’s dominance.
He claimed that USDT is the only way people can access the US dollar in many emerging markets, which has significantly spread US presence in these countries via stablecoins.
According to Ardoino, this would be especially important due to the impending threat of BRICS, which is gearing up to launch a gold-backed coin to challenge the US dollar’s dominance in the global market.
He added:
“They [BRICS] will eventually announce a gold-backed currency, and when they build the entire infrastructure in the emerging markets, when they build roads, when they build everything that you can think of, it will be very easy to push a new currency. […] And the thing is: there is only Tether in these countries to push forward the dollar hegemony.”
