In an interview with The Wolf of All Streets podcast, Paolo Ardiono said that Tether has neither the ability nor the desire to destabilize the traditional banking system, as the stabelcoins themselves are aimed at people without access to banking services. He reminded us that the vast majority of people in Europe and the U.S. have access to banks, but residents of many other regions do not.
“We have $60 billion or so in U.S. Treasuries. And when I explain the composition of our portfolio, I always emphasize that we are not trying to steal work from banks in the United States and Europe. There are places in the world, 70% of whose residents do not have a bank account, because the banking infrastructure itself is poor. These customers are forgotten or not interested in banks, so that’s where we thrive, not competing with the banking industry,” emphasized Tether’s CTO.
Ardoino also said that Tether actually makes the U.S. dollar more valuable and in demand because a lot of people use the stablcoin tied specifically to the dollar.
As a reminder, Tether continues to actively develop. At the beginning of June, the company’s capitalization set
At the beginning of June, the company’s capitalization hit an all-time high of $83.2 billion.