Tether's CTO Welcomed in US Amid Scrutiny, $13B Profit

Paolo Ardoino, the Chief Technology Officer of Tether, received a warm welcome at the Cantor Fitzgerald Global Technology Conference in New York. Attendees applauded and cheered as he took the stage, dressed in a casual light blue Ralph Lauren polo and gray khakis, a stark contrast to the formal attire of other speakers. Ardoino, who is based in Italy, expressed his delight at being in the U.S. for the first time, noting that he felt very welcomed.

Tether, the company Ardoino represents, has faced significant scrutiny from both industry leaders and U.S. authorities, including the Department of Justice, the Commodities and Futures Trading Commission, and the New York State Department of Financial Services. Despite these challenges, Ardoino has been actively engaging with the U.S. market, participating in various events and meetings over the past week. Tether settled charges with the CFTC and an NYDFS inquiry in 2021, and there have been ongoing investigations into the stablecoin issuer.

Ardoino acknowledged the difficulties Tether has faced, stating, "We’ve been through hell." He mentioned that there were concerns about his potential arrest if he visited the U.S., but he reassured the audience that the company remains resilient. Ardoino highlighted Tether’s past successes, including its significant market share in the stablecoin business and its reported $13 billion profit in 2024. He also discussed the company’s current projects, such as education, AI, and real-world asset tokenization, expressing optimism for the year ahead.

Tether’s presence in the U.S. is multifaceted. The company is one of the largest buyers of U.S. debt, holding nearly $100 billion worth of U.S. Treasuries and government-backed securities as reserve assets for its USDT token. This positions Tether as a significant player in the U.S. debt market. Additionally, Tether has onboarded U.S. agencies like the FBI and Secret Service to its platform to combat illicit activities, further strengthening its ties to the U.S.

On the investment front, Tether made a $775 million investment in Rumble, a video-sharing platform popular among conservative and right-wing users. With Tether’s backing, Rumble plans to introduce a crypto wallet and support payments with USDT, BTC, and Tether’s gold-backed token XAUT. This investment underscores Tether’s strategic interest in the U.S. market and its commitment to expanding its influence in the digital asset space.