Tether CEO Paolo Ardoino has stated that the primary goal of the world’s largest stablecoin, Tether USD (USDT), is to assist individuals in inflation-ridden economies in safeguarding their purchasing power. In an exclusive interview with Cointelegraph, Ardoino emphasized that Tether aims to provide access to USDT for the unbanked population who are unable to utilize traditional banking services.
The escalating inflation rates in emerging economies are compelling people to seek alternative financial options, such as the U.S. dollar. Ardoino highlighted the severity of this issue in Argentina, where the national currency has depreciated by 98% in comparison to the dollar.
Tether holds the position of the world’s largest stablecoin, boasting a market capitalization of over $109 billion, according to CoinMarketCap data. In contrast, Circle’s USDC takes second place with a market cap of $33 billion.
Ardoino attributes Tether’s success to its ability to cater to the needs of individuals who require financial services and U.S. dollars. In contrast, other stablecoin issuers are primarily targeting the traditional banking industry. The CEO stated that stablecoin usage in Europe and the United States is minimal, while serving the unbanked population worldwide will remain a top priority for Tether.
On April 1, Tether completed the “gold standard” security audit, known as the System and Organization Controls 2 (SOC) audit. This audit represents the highest level of security compliance that an organization can achieve.
Despite facing competition from BlackRock ETF, which is close to surpassing Grayscale in terms of market share, Tether continues to thrive due to its commitment to assisting the unbanked population and providing a secure and reliable stablecoin option.