• Paolo Ardoino, the CEO of Tether, recently highlighted the significance of USDT in the unstable US economy.

  • The CEO stated that USDT helps investors to mitigate inflation and currency devaluation.

  • As per Ardoino, USDT could increase the demand for the US Dollar in the global market.

Tether CEO Paolo Ardoino, in his recent X post, pointed out the significance of the Dollar-backed stablecoins in the US economy. Highlighting Tether’s USDT, Ardoino elaborated on the stablecoin’s crucial role in increasing the demand for the US Dollar in the global market.

"Stablecoins backed by dollars provide demand for U.S. public debt"$USDt is being used by more than 300M people across the world as the digital dollar, providing a lifeline utility to entire communities in developing countries.These people are underserved by the banking…

— Paolo Ardoino 🤖🍐 (@paoloardoino) June 14, 2024

The CEO shared insights on USDT’s potential to retain stability in the unstable economy. While USDT is backed by US Dollars, the stablecoin helps investors mitigate inflation and currency devaluation.

Ardoino’s X post came in response to an article published by the Wall Street Journal on the impact of stablecoins on the U.S. public debt. In reply to the article, the Tether CEO highlighted USDT as the “digital dollar” used by more than 300 million people globally. His post read,

USDT is being used by more than 300M people across the world as the digital dollar, providing a lifeline utility to entire communities in developing countries. These people are underserved by the banking industry, mostly remaining unbanked and subject to high inflation and fast devaluation of their national currencies.

Further, Ardoino asserted that the stablecoin is one among the “top 3 global buyers of short-term US t-bills and top 20 in general ranking.” His words reflect the growing influence of Tether in the global financial ecosystem.

In related news, the Tether CEO recently posited that Bitcoin is the only decentralized cryptocurrency in the total 14000 digital assets. He stated, “Bitcoin is the only example of a currency that is only ruled by math that basically cannot be changed.” 

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