Tether's CEO Paolo Ardoino recently stated that USDT (Tether) is actually a key ally for the United States in maintaining the dollar's global hegemony! The implications behind this viewpoint are thought-provoking, let us explore its deeper meaning together.
Paolo Ardoino stated at a recent global technology conference that Tether is the only entity capable of spreading dollar hegemony in emerging countries. He stated that Tether is the leader of the stablecoin industry, with a 13% user growth in the past quarter, bringing the total global user base to 400 million!
He also stated that Tether's rapid growth is actually due to the allure of the dollar itself. He said that if you go outside the U.S. and randomly ask 1,000 people whether they would prefer to hold dollars or their local currency, most would likely choose dollars. This indicates that the dollar's appeal globally is indeed very strong.
Even more striking is that Tether holds $113 billion in U.S. Treasury bonds, making it the 19th largest holder of U.S. debt, more than most countries in the world! This also reflects its significant influence on the dollar.
Ardoino also mentioned that USDT is the only way for many people in emerging markets to access dollars, significantly enhancing the U.S.'s influence in these countries through stablecoins.
However, Ardoino also posed a challenge: that BRICS countries are preparing to launch a gold-backed currency, which could impact the dollar's dominant position. But he firmly believes that as long as Tether exists, the dollar's hegemony can be maintained. Therefore, he insists that only Tether can drive the global influence of the dollar.
Opinions suggest that Paolo Ardoino's speech seems to be 'justifying' Tether. Recently, Tether faced restrictions in the EU, and Binance also delisted USDT to comply with local policies, which is undoubtedly a heavy blow for Tether.
And Ardoino emphasized the importance of Tether to the dollar hegemony, calling it the leader of the stablecoin industry, almost declaring to the world: 'Do not underestimate us; we are the 'key ally' of the dollar.'
Conclusion:
Ardoino's words may also be sending a signal to regulators and the market: that Tether's value and global influence should not be underestimated, and it should not be easily 'marginalized'. After all, if even Tether were to fall, the influence of the dollar in the global cryptocurrency market would likely be greatly diminished.
In short, Tether's current situation is indeed not very optimistic. On one hand, it does have a large user base and influence globally; on the other hand, regulatory pressure has posed challenges in some key markets.
Finally, do you think Tether can withstand these pressures and continue to play its role as a 'dollar ally' on the global stage? Or will it gradually lose its luster under regulatory pressure and be replaced by compliant stablecoins like USDC? See you in the comments!