Tether CEO Assures Safety of Stablecoin

Paolo Ardoino, CEO of Tether, emphasized that the world's largest stablecoin remains secure and announced the company's commitment to enhancing communication and transparency.

Key Points

• Importance of Compliance: Ardoino highlighted compliance during his remarks at the 8th Annual Washington DC Fintech Week, reiterating Tether's longstanding focus on this area despite public perceptions, particularly in the U.S.
• Commitment to Transparency: He stressed that Tether is doubling down on communication and transparency in its operations.
• Scrutiny and Allegations: Tether has faced criticism regarding its stablecoin, USDT, from the U.S. Commodity Futures Trading Commission (CFTC), which accused the firm of making misleading statements about USDT’s backing with U.S. dollars. U.S. lawmakers have called for investigations into the company's involvement in potential illicit activities.
• Financial Position: Ardoino stated that Tether holds more Treasury bills than several countries, including the UAE, Australia, and Spain, indicating strength in low-risk investments.
• Regulatory Framework: Ardoino expressed support for regulations but criticized newly proposed EU requirements. He called for sensible regulatory measures in the U.S. that nurture technology while safeguarding end users.
• Legislative Efforts: U.S. lawmakers have been working on a stablecoin regulatory framework since 2022, but progress has been slow due to concerns over regulatory authority distribution.