The CEO of Tether, Paulo Erdino, has made to X (formerly Twitter) to express his shock about the market site of his company. The CEO statement came in response to the increasing competition in the Stablecoin Market.
Erdino High The company’s ten -year effort in building a wide global distribution network, strategic partnerships, and commitment to the inclusion of financial services.
Usdt holds the land with the growth of Stablecoin competition
Tether, the source of the largest Stablecoin USDT in the world, with about $ 140 billion in the market, had a fair share of organizational scrutiny. In 2021, the CFTC futures trading committee claimed that the USDT source offended the representation of Stablecoins and a fine of $ 41 million.
The European Union markets in the encrypted al -Tafra regulations (MICA) entered into force on December 30, and since then, Coinbase led the stock exchanges movement to delete European markets.
In addition to regulatory issues, USDC, which is a rival Stablecoin, is a major threat to USDT’s dominance after a year exceeding 100 %.
One of the main issues that the rope faced with regulations is that he has never been unprecedented by an independent review of its reserves. Ardonio expressed his willingness to scrutinize, however, he says there is no American company wishing to review his company.
On the contrary, the largest competitor is Tether, USDC is checked from Deloitte, which gives its credibility and increased demand.
During the Plaanb Forum in El Salvador, Ardoino expressed his confidence that his company is in a good position in the Stablecoin market and carries strongly against the competition. He emphasized that the wide distribution network has Tether, which he says separates the company from its competitors. “Many people do not realize that Tether has built one of the most digital and material distribution networks in the history of mankind over the past ten years.”
He also talked about Tether partnerships, which play a major role in the success of Stablecoin. “While some competitors raise the capital from investors and plant their roof in the market, they pay incentives to banks to maintain Stablecoins in the public budget, Tether has 100 partners, and build stalls in all digital platforms for developing countries with tens of millions of users and mind- said Ardonio said “Technology is blowing.”
The CEO also highlighted how Tether uses these partnerships to create a financial comprehensive platform, which serves more than 400 million customers in emerging markets.
Tether still has big plans
Despite the competition and challenges they face, they explore new markets and innovation. The company, in partnership with Reelly TechPlanning to start Stablecoin linked to the United Arab Emirates, which will be used to buy real estate in 30,000 real estate agencies. Erdino said this would help push Blockchain innovation in the United Arab Emirates.
The rope is also invested in Renewable energy Initiatives, including bitcoin mining in Uruguay.
While Tether is expanding, Circle also takes a strategic step by planning to transfer its headquarters to New York City before its initial planned publication (IPO). To move forward in these plans can see the unification circle of its organizational position and enhance relations with traditional financing.
Ardoino is still not the other by competition. He highlighted that billions of people lack the basic financial services because banks do not find profitable. The CEO insists that Tether plans to serve these deprived users while also contributing to the American economy by purchasing large sums of American treasury bonds, which helps to enhance the dollar’s position as the dominant currency in the world.
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