The Tether boss reiterated the stablecoin issuer’s interest in providing US dollars to billions of unbanked people around the world and expressed hope for favorable regulation.
Tether (USDT) CEO Paolo Ardoino told DC FinTech Week attendees that the company is continuing its internal efforts to promote transparency practices, while continuing to implement U.S. crypto regulations. He said he expected the situation to improve.
Policymakers in the U.S. House of Representatives have announced a proposal to formally recognize and support stablecoin issuance in the United States. Although the bill has not yet moved into law, new players like Ripple are already announcing services in anticipation.
The rules discussed by politicians like Patrick McHenry and Maxine Waters could also allow banks to issue stablecoins, potentially challenging Tether’s market dominance.
Tether Global Cooperation and Expansion
Ardoino told event founder Christopher Bloomer that the payment provider has connections with more than 180 law enforcement agencies across 45 jurisdictions. Blumer’s name has been mentioned along with Robinhood Markets CLO Dan Gallagher as a candidate to replace current Securities and Exchange Commission Chairman Gary Gensler.
Combating the illegal use of cryptocurrencies and protecting blockchain payment facilities remains one of Tether’s top priorities, Ardoino said.
In other news, USDT issuers may deepen their involvement in traditional finance beyond US Treasuries and short-term debt. The company is considering lending its Treasury interests and billions of dollars in profits from Bitcoin (BTC) mining to TradFi institutions.
That decision is likely based on record profits in the first half of this year and a swarm of new users signed up in Q3 2024. Last quarter, more than 36.25 million new USDT addresses were recorded. Elsewhere, Tether has sought to pivot away from its cryptocurrency mining arm and into more artificial intelligence development. Northern Data, which is backed by the issuer of USDT, could sell its crypto mining business to boost AI-centric betting.
