Tether CEO Defends Company’s Impact on U.S. Debt
Tether CEO Paolo Ardoino spoke at a Bitcoin Policy Institute event on March 11. He defended Tether’s role in the U.S. financial system. Ardoino said the company’s $115 billion in treasury holdings make U.S. debt more resilient.
He argued that Tether’s investment diversifies and strengthens U.S. debt. “We’ve done more for financial inclusion than anyone else,” Ardoino stated. “If we were a contry, we’d be the 18th largest holder of U.S. Treasuries.”
Tether dominates the stablecoin market with a 63% share and a $143 billion market cap, according to DeFiLlama data. Despite regulatory setbacks in Europe, the company posted a record $13 billion net profit in 2024, as reported by Forbes.
Tether has had to scale back its European operations. Circle, its main competitor, has gained traction due to compliance with the Markets in Crypto-Assets regulations.
The USDT stablecoin is facing delisting on several European exchanges.Binance announced it will stop accepting USDT from users in the European Economic Area on March 31. Crypto.com and Kraken have also stopped offering USDT trading pairs to European users.
Tether may face difficulties in the U.S. due to new regulations. The company will have to modify its reserve measures if a proposed stablecoin bill prevents offshore issuers from accessing U.S. Treasury markets.
