Tether CEO: Stablecoin Market Competition Heats Up, Benefits Industry

IconCryptoNewsTerminal Staff23 Jul, 2024

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Tether CEO: Stablecoin Market Competition Heats Up, Benefits Industry

Paolo Ardoino, CEO of Tether (USDT), discussed the increasing competition in the stablecoin market in a recent interview with The Block. Ardoino acknowledged that rivals are attracted to the market's revenue potential, but he believes this competition is beneficial for the entire industry. "The more players there are, the more resilient the market will be, and there will be more choice," he said. Ardoino welcomed new entrants, despite the potential impact on Tether's revenue, due to his confidence in Tether's experience and market position. Unlike competitors focused on attracting institutional investors and banks, Tether aims to reach the vast majority of the world's population. "It's more important to bring our services to emerging countries and developing economies than increasing USDT's market cap," Ardoino explained. He also highlighted USDT's evolution towards becoming a digital dollar rather than a traditional cryptocurrency. "USDT is now much closer to being a digital dollar than a cryptocurrency. I increasingly think we are diverging from what cryptocurrencies traditionally meant," he said.

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