Tether’s Paolo Ardoino debunks FUD, discusses surging USDT market cap

Paolo Ardoino, Tether’s former CTO who is now the CEO of the leading stablecoin project, recently highlighted the company’s significant earnings and emphasized the global use of USDT as a hedge against inflation.

Ardoino told the Wolf of All Streets Podcast that Tether (USDT) has grown in circulation over the past year, even as other cryptocurrencies have experienced volatility. Tether has its own equity and capital, generated through holding US treasuries and short-term investments with proper risk management. He also mentioned that Tether still holds $72.6 billion in U.S. treasury bills.

Tether remains focused on providing a stablecoin that maintains a one-to-one value with the U.S. dollar. In the last quarter of 2022, Tether generated $700 million in profit. Despite being one of the most scrutinized companies in the world, Tether has stood the test with all the black swan events and high-profile bankruptcies in the web3 space and is working proactively with law enforcement agents, including the Department of Justice, Ardoino says.

The CEO noted that Tether’s mission remains to provide a stablecoin that maintains a one-to-one value with the U.S. dollar, and the company has no plans to go public.

The company has its own equity and capital, generated through holding U.S. treasuries and short-term investments with proper risk management.

According to Ardoino, Tether’s USDT has grown in circulation over the past year, even as other cryptocurrencies and stablecoins have experienced volatility. Despite the bear market, USDT’s market cap is sitting above $85 billion, making it the world’s third-largest crypto. Tether’s recent profitability has led the company to consider diversification.

They are also planning to transform into a comprehensive tech provider, necessitating expertise in crucial fields like energy, communication, and financial infrastructure, he revealed.