Why Tether's CEO is everywhere right now
For years, Tether's CEO avoided the United States, watching from offshore as regulators circled and prosecutors investigated. Those days are over.
TL;DR
- Tether launched USAT, a U.S.-regulated stablecoin, to comply with new federal rules and compete with Circle's USDC.
- Tether CEO Paolo Ardoino conducted a media blitz across multiple outlets to legitimize the company.
- The company claims to have 536 million users and emphasizes its role in financial inclusion for people in countries with weak currencies.
- Tether's flagship USDT has a market capitalization of $187 billion and is growing rapidly.
- Ardoino dismisses past criticisms of Tether's use in illicit activities, comparing it to the misuse of iPhones or Toyotas.
- Tether has frozen $3.5 billion in tokens, primarily from scams and hacks, and claims to have proactively identified $225 million in a 'pig-butchering scam'.
- The company holds $30 billion in excess reserves, managed by Cantor Fitzgerald, whose CEO, Howard Lutnick, is also the Commerce Secretary.
- Tether is expanding beyond stablecoins with Tether Gold, backed by physical gold, and Qvac, a decentralized AI platform.
- Tether has invested over $1 billion in AI robotics firm Neura and made other significant investments in tech, satellites, and agriculture.