Tether CEO Asserts Importance in US Dollar 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 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 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, stating:

> “Is it because we are great in marketing? Is it 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.’”

Tether’s Role in US Dollar Stability

Ardoino emphasized Tether’s aim to be the most transparent company globally and insisted that it is a crucial ally for the US in maintaining the dollar’s global hegemony.

He noted that Tether holds $113 billion in US Treasuries, making it the 19th largest US debt holder, ahead of most countries worldwide.

Ardoino reiterated his March 11 speech at the Bitcoin Policy Institute’s event, “Bitcoin for America,” regarding USDT’s role in safeguarding the US dollar’s dominance.

He claimed that USDT is often the only way for people in many emerging markets to access the US dollar, significantly increasing US presence in these regions via stablecoins.

According to Ardoino, this is particularly significant given the impending threat from BRICS, which is preparing 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, 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.”