Recently, Paolo Ardoino, the CEO of Tether, underscored the importance of USDT in the economically unstable United States.
Paolo Ardoino, CEO of Tether, recently highlighted the importance of the Dollar-backed stablecoins in the US economy in a recent X post. Ardoino emphasized the critical role of Tether’s USDT in bolstering the global market’s demand for the US Dollar.
The CEO provided valuable insights regarding USDT’s capacity to maintain stability amid an unstable economy. The stablecoin, USDT, assists investors in mitigating inflation and currency devaluation, despite its backing by US Dollars.
The Wall Street Journal’s article on the influence of stablecoins on U.S. public debt prompted Ardoino to publish his X post. The CEO of Tether emphasized USDT as the “digital dollar” that is utilized by over 300 million individuals worldwide in response to the article. The text of his post was as follows,
“More than 300 million individuals worldwide are employing USDT as the digital currency, which serves as a lifeline for entire communities in developing countries. The banking industry fails to adequately serve these individuals, who are primarily unbanked and are subject to rapid devaluation of their national currencies and high inflation.”
Ardoino also claimed that the stablecoin is one of the “top 3 global purchasers of short-term US t-bills and top 20 in general classification.” His remarks are indicative of the increasing influence of Tether in the global financial ecosystem.
In related news, the CEO of Tether recently stated that Bitcoin is the sole decentralized cryptocurrency among the 14000 digital assets. He declared, “Bitcoin is the sole instance of a currency that is solely governed by mathematics and is virtually impervious to change.”
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