USDT Is the "Most Important Ally" of the US in Maintaining the Dollar's Dominance: Tether CEO Paolo Ardoino

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.

Tether CEO Paolo Ardoino stated that crypto firms are lining up to copy Strategy or Tether’s business models since they are “very profitable and exciting.”

Ardoino made the remarks during his presentation at Cantor Fitzgerald’s Global Technology Conference on March 12.

The executive also noted that Tether USD (USDT) is the product responsible for creating the stablecoin industry. Pointing to the firm’s 13% user growth over the past quarter, he added that Tether now has 400 million users.

According to Ardoino, the growth of Tether and stablecoins is a direct result of the US dollar.

“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 of the US, stop 1,000 people in the street 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 went on to add that Tether’s goal is to be the most transparent company in the world and that it 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.

The executive went on to tout the role of USDT in safeguarding the dollar’s dominance, adding that it is the only way people in many emerging markets can access the dollar.

Expanding on his March 11 speech at the Bitcoin Policy Institute’s event, “Bitcoin for America,” Ardoino stated that USDT is the only way people can access the dollar in many emerging markets, which has significantly spread the US presence in these countries via stablecoins.

However, according to Ardoino, this would be especially crucial due to the impending threat of BRICS, which is gearing up to launch a gold-backed coin to challenge the dollar’s dominance in the global market.

“They [BRICS] will eventually announce a gold-backed currency, and when they build the entire infrastructure in the emerging markets, when they build the banks in these countries, when they build the 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.”