Tether CEO: USDT, a Tool for US Dollar Hegemony

Tether CEO Paolo Ardoino has recently made headlines by asserting that USDT, the stablecoin issued by Tether, is the "most successful tool for US dollar hegemony." In a post on the social media platform X, Ardoino outlined his argument for why USDT plays a crucial role in maintaining the US dollar's global financial dominance.

Ardoino highlighted Tether's extensive physical and digital distribution network, spanning from thousands of kiosks in Africa and South America to digital remittances platforms, payment backbones, and institutional tools. He emphasized that Tether's teams and portfolio companies are actively working in developing countries to grow the utilization, trust, and education in USDT, thereby reflecting positively on the US economy.

Ardoino noted that USDT is held by over 400 million people, with a growth rate of 35 million new wallets per quarter, or 140 million new wallets per year. He also pointed out that USDT is particularly successful in developing countries.

However, Ardoino acknowledged that Tether's success has made it a target for competitors. He claimed that other businesses and political entities have the explicit intent to "kill Tether," framing any attacks on the stablecoin firm as an attack on the sovereignty of the US dollar. Ardoino also mentioned that Tether is the 18th largest US dollar holder by the size of US treasuries.

Ardoino's comments come at a time when the stablecoin industry is facing increased scrutiny and regulation. As the US dollar's global influence continues to be a contentious issue, Tether's role in supporting the US dollar's hegemony will likely remain a topic of debate among industry stakeholders and policymakers.