Most cryptocurrency companies are promoting their tokens to gain the attention of US authorities. CEO of crypto firm Tether Paolo Ardoino has coped well with this challenge. The executive stated that the USDT stablecoin is the best choice for the US government.
Earlier, Tether CEO noted that the company was doing everything possible to maintain good relations with American authorities. His firm, the operator of the world’s largest cryptocurrency pegged to the US dollar, is managing this much better than its competitors. The reason is compliance with cryptocurrency regulations and cooperation with higher authorities and financial regulators.
Ardoino emphasized that another reason for the company's good relationship with the government is that the company owns US Treasury bills worth about $98 billion. This makes Tether one of the largest holders in the world.
“I believe Tether is the best friend of the US government because we hold more US debt than Germany and far more than our competitors or any other financial institutions in the world," the company CEO affirms.
Previously, Ardoino attributes the rapid growth of the company to a simple and clear algorithm for working with USDT: “So you send us dollars, we send you the same amount of USDT. You send back the USDT tokens, and we send back the dollars. Then, we invest the reserves in Treasury Bills and a few other safe assets. As simple as that,” Tether CEO explained.
According to Ardoino, the firm has never promoted the use of USDT in DeFi but has focused on helping people who need an alternative payment system. "Some users find it more convenient to hold dollars in digital form rather than cash. This is more relevant for developing countries than for Europe or the US. The company directs its efforts to places where digital payment systems are needed," the executive said.
From Ardoino's viewpoint, the highest demand for stablecoins is not in Europe and the US but in developing countries known as emerging markets such as Argentina, Turkey, and Vietnam. Their citizens need steady access to US currency.
Currently, the USDT market capitalization has reached an impressive $120 billion. This greatly exceeds the market value of its closest competitor, the USDC token, whose market capitalization is estimated at $35 billion.