Tether’s chief technology officer Paolo Ardoino is certain that Tether will continue to be the most popular stablecoin despite the rapid growth in competitors like USD Coin (USDC).
Tether volumes are much higher than the other stablecoins. He pointed out that they are even 10x higher on bad days.
Arcane Research reports that USDC, second-largest stablecoin in market cap, has grown at an impressive pace over the past year. Ardoino expressed concern about this possibility, pointing out that USDC’s growth rate has been slowing in the past month.
He said that Tether gained momentum in the past 30 days.
Ardoino says that Tether’s greatest competitive advantage is its attention to people who have difficulty accessing financial services.
Tether can be seen as a tool of freedom, a solution and a tool that benefits everyone. It is not a tool designed for Wall Street, and it’s certainly not one for the banks.
Although USDC is often credited with being more transparent and well-regulated than Tether’s, Ardoino believes this to be a false claim. According to the chief technology officer, Tether has published breakdowns of its reserves since January 2021. This includes the rating of its commercial paper.
Ardoino stated, “I believe that we, Tether in terms of transparency are in a really great shape.”
According to Ardoino, the rapid growth of CBDCs (central bank digital currencies) won’t render stablecoins like Tether obsolete. According to Ardoino, CBDCs will likely be run on centralized blockchains, which won’t offer the same flexibility and freedom as open, public ones.
“One of the most exciting things about public blockchains, is their programmability. He said that you can create more complex behaviors.”
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