Tether CTO of USDC depeg in 2023 Workweek: “Bitcoin maxis were right all along” Paolo Ardoino said recent events in the crypto space show that Bitcoiners are right and that Bitcoin is the “ultimate way” to hold wealth.

At the 2023 Paris Blockchain Week, Tether CTO Paolo Ardoino discussed USD Coin and other topics with Cointelegraph reporter Joseph Hall

Central Bank of the United States $1.00

Breaking the peg to the dollar and how it highlights Bitcoin’s importance

Bitcoin $28,686 and decentralization.

According to Ardoino, stablecoin issuers should always ensure that their reserves are protected. The Tether executive believes that it is the job of stablecoin issuers to do everything they can to protect reserves and funds. Ardoino explained:

"I think the mistake of our competitors was leaving $3 billion or more uninsured in the bank. [...] I was surprised to see the lack of understanding of risk management among the large competitors in the space."

Furthermore, the Tether executive explained that he believed that overexposure in one jurisdiction (in this case, the United States) could lead to serious problems. In the end, this is what happened, Ardoino said. He added:

“For us, it is extremely important to rely on different jurisdictions. In decentralization and distribution, there is more security.”

When asked about his thoughts on the possibility of USDC going to zero, Ardoino noted that his company does not want that to happen. He said that if Tether Tether goes to $1.00

The industry wouldn’t be an industry if it remained the only stablecoin on the market. “If you’re alone in the industry, it’s not really an industry,” he said.

In addition to the USDC event, the two also discussed other issues such as the dollar as a store of value and the adoption of Bitcoin payments in Lugano, Switzerland. When asked if the dollar can still be considered a store of value, Ardoino said that this may be the case in some countries. However, Tether CTO said that Bitcoin is still the best in terms of wealth storage. He said:

“I think Bitcoin is really the ultimate way to hold your wealth, and the safest way to hold it. And I think if anything, what’s happened in these last few months is just, you know, proving that the Bitcoiners and the Bitcoin maxis were right all along.”

Finally, the Tether executive also spoke about his company’s collaboration with American clothing brand Guess to bring Bitcoin and Tether payments to retail stores in Lugano. Plan B is a joint project between Tether and the city of Lugano, working with Guess to accept Bitcoin and Tether in local stores.

C3 Tip: The views, thoughts and opinions expressed here are the author's own and do not constitute investment advice or recommendations. Every investment and transaction involves risk.