Tether CEO, Paolo Ardoino, says that the recent growth of the USDT stablecoin is primarily fueled by its adoption in emerging markets as an alternative to the U.S. dollar rather than by demand for cryptocurrency trading.
“In the last few years we have seen the usage of USDT going from pure cryptocurrency trading to being basically the most used digital dollar in the world,” Ardoino said to Reuters on the sidelines of the 2024 Token2049 crypto conference in Dubai.
“Almost the entire user base is (in) emerging markets”, he said, mentioning Turkey, Vietnam, Brazil, Argentina and ‘African countries,’ where dollars can sometimes be in short supply.
According to Ardoino, Tether had just over 300 million users globally.
“Last year [2023] for sure Argentina has been booming,” he added.
“We want to be the dollar for the last mile, for the unbanked.”
As reported by BitKE, Paolo Ardoino, took over as CEO in December 2023, adding on to his roles as CTO and Chief Strategy Officer, in a leadership transition that signified Tether’s dedication to actively venturing into new business endeavors, including:
- Peer-to-peer communications
- Sustainable energy
- Robust data storage, and
- Bitcoin mining
USDT | Tether CTO Takes Over as CEO as Company Seeks ‘Continued Focus on Emerging Markets’
Ardoino, who highlighted his ideas in a recent exclusive interview with BitKE is seen as the perfect candidate for the position of Tether’s CEO, citing his substantial influence that… pic.twitter.com/qfzLx5wEwD
— BitKE (@BitcoinKE) October 18, 2023
Ardoino stated that the company is actively recruiting additional personnel. Tether anticipates increasing its staff count to approximately 150 individuals, up from around 100 currently, as part of its expansion into new sectors, including recently, artificial intelligence (AI).
In November 2023, Tether made a substantial investment of $622.6 million into Northern Data Group, a technology company headquartered in Frankfurt, Germany. Northern Data Group specializes in generative AI cloud platforms, Bitcoin mining operations, and offers data center infrastructure services.
The company has also recently launched an educational division to focus on Africa and other emerging markets.
LAUNCH | Tether ( $USDT ) Launches Educational Division to Focus on Africa and Other Emerging Markets
According to #Tether CEO, some of the educational materials provided by Tether Edu might come with a fee. The initiative, still in its pre-launch phase, is actively recruiting… pic.twitter.com/btW2Oxgq0Q
— BitKE (@BitcoinKE) February 6, 2024
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
_______________________________________
_______________________________________
