Tether CEO Paolo Ardoino Discusses the Implications of the Stablecoin Bill

In a recent Bloomberg interview, Tether CEO Paolo Ardoino discussed the implications of the stablecoin bill currently progressing through the U.S. legislative process, highlighting its potential impact on stablecoin regulation and broader financial markets.

The U.S. Congress is currently working on legislation to regulate stablecoins, and it could have huge implications for how the crypto industry develops in the year ahead.

Recently, Tether CEO Paolo Ardoino spoke with Bloomberg about the legislation and how it could impact stablecoins.

“The good news is that the bill is progressing well, and it could bring much-needed clarity to the regulatory landscape,” Ardoino told Bloomberg.

“This legislation could be instrumental in defining how stablecoins will be used to sustain and broaden the global reach of the U.S. dollar.”

Also, Ardoino noted how Tether has been a leader in the stablecoin market for a long time.

“Tether launched the first widely used dollar-pegged stablecoin, USDt, back in 2014. Today, Tether is the largest and most-liquid stablecoin in the world.”

The CEO noted how quickly Tether has been adopted around the world, especially in emerging markets.

“The USDt stablecoin has already reached more than 400 million users, and we are adding about 40 million new wallets each quarter.”

Ardoino added that in parts of the world, the U.S. dollar is still highly valued as an alternative to local currencies that may be unstable.

“This demand for the dollar is especially pronounced in emerging markets, where people are actively seeking out new financial services and technologies.”

The Tether executive went on to discuss why his company chooses to operate largely outside of the U.S.

“The U.S. already boasts a vast and sophisticated financial infrastructure, with services like Zelle, Cash App, and PayPal operating seamlessly within the country. However, in many other parts of the world, people are still largely underserved by traditional financial institutions.”

Ardoino added that an estimated 3 billion people around the world are unbanked or underbanked.

“This is the demographic that Tether is focused on reaching with its innovative financial solutions.”

Ardoino also noted how Tether is a major investor in U.S. Treasury bills.

“As of today, we hold over $115 billion in U.S. government debt, making us one of the largest non-sovereign holders of these securities.”