Tether  pushing dollar supremacy in emerging markets: Ardoino

Tether’s boss reiterated the stablecoin issuer’s interest in providing US dollars to unbanked billions around the world and expressed expectations for positive regulations.

Tether (USDT) CEO Paolo Ardoino told DC Fintech Week attendees that the company also sees U.S. crypto regulations improving as it continues its internal efforts to improve its transparency practices.

Policymakers in the US House of Representatives have introduced proposals to officially recognize and support stablecoin issuance in America. Although the bills have not yet become law, new players such as Ripple have already announced their proposals.

The rules, discussed by politicians such as Patrick McHenry and Maxine Waters, could also give banks the power to issue stablecoins and challenge Tether’s market dominance.

Tether’s global collaboration and expansion

Ardoino told event founder Christopher Brummer that the payment provider is affiliated with more than 180 law enforcement agencies in 45 counties. Brummer’s name, along with Robinhood Markets CLO Dan Gallagher, has been mentioned as a possible replacement for current Securities and Exchange Commission chairman Gary Gensler.

According to Ardoino’s statements, combating illegal cryptocurrency use and protecting blockchain payment opportunities are among Tether’s top priorities.

On the other hand, the USDT issuer could deepen its involvement in traditional finance beyond U.S. Treasuries and short-term debt. The firm is considering lending billions of dollars of profits from Treasury stocks and Bitcoin (BTC) mining to TradFi institutions.

Its decision could be based on record profits in the first half of the year and the onboarding of a slew of new users in Q3 2024. Over 36.25 million new USDT addresses were registered last quarter. Elsewhere, Tether explored a pivot away from its crypto mining division and towards more AI developments. Northern Data, backed by the issuer of USDT, may sell its crypto mining business to increase AI-centric betting.