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Tether: Paolo Ardoino calls for clear rules for stablecoins
By Daniele Corno
Paolo Ardoino: Clear rules for stablecoins from the US. Protection for users and support for development
Tether CEO aims for reasonable regulations in the U.S.
Tether CEO , Paolo Ardoino, has called on the United States to create clear rules for stablecoins.
During DC Fintech Week, he explained that the industry needs favorable regulations, necessary to protect users. He also stressed that well-made rules will encourage innovation in the industry.
According to Ardoino, stablecoins such as USDT can help people in economic hardship, especially in countries affected by financial crises.
Tether reiterated the stablecoin issuer’s interest in providing U.S. dollars to the unbanked billions worldwide.
https://t.co/VB2hfSjHHq #Regulation #Stablecoin #Tether— Paolo Ardoino 🤖🍐 (@paoloardoino) October 23, 2024
Tether, Ardoino added, has proven its soundness. The company has a 104 percent guaranteed reserve, 84 percent of which is invested in U.S.Treasury securities. Thanks to the strength of its collateral assets, the company survived the crisis of 2022 without a problem, when many users asked to convert their stablecoins into cash.
Ardoino described this moment as a test of strength that “few banks would have overcome.”
Collaboration with law enforcement and future prospects
Tether also collaborates with authorities in 45 countries, including theFBI and the U.S. Secret Service. This demonstrates the company’s commitment to law enforcement. Tether has worked to improve transparency, and today it is undoubtedly the industry leader.
According to U.S. Congressman French Hill, 2024 could be the year when stablecoin regulations become a priority. If that does not happen, it is likely that there will be discussions in 2025, especially after the elections. Hill believes that proper rules on stablecoins could bring more stability to the global financial system.
