Tether CEO’s Ambition: USDT Aims to Provide Relief to Nations Ravaged by Inflation

According to Tether CEO Paolo Ardoino, the primary goal of the world’s largest stablecoin, Tether USD (USDT), is to safeguard the purchasing power of individuals in economies experiencing high inflation. Ardoino stated in an exclusive interview with Cointelegraph that Tether’s main focus is to provide access to USDT for the unbanked population who lack traditional banking services. Inflationary pressures in emerging economies are compelling people to seek alternative financial options, such as the US dollar. Ardoino highlighted the situation in Argentina, where the national currency has lost 98% of its value against the dollar. Tether is currently the largest stablecoin with a market capitalization of over $109 billion, surpassing Circle’s USDC, which holds the second position with a market cap of $33 billion, according to CoinMarketCap data. Ardoino attributes Tether’s success to its ability to cater to the needs of individuals requiring financial services and US dollars, while other stablecoin issuers focus on selling their services to the traditional banking industry. Stablecoin usage in Europe and the United States is minimal, with the majority of demand coming from unbanked individuals worldwide. Ardoino emphasized that serving the unbanked population will remain a top priority for Tether. On April 1, Tether completed a comprehensive security audit known as the System and Organization Controls 2 (SOC) audit, which is considered the highest level of security compliance for an organization. Despite facing competition from BlackRock ETF, which is close to surpassing Grayscale in terms of assets under management, Tether continues to dominate the stablecoin market.