Tether Increasing US Dollar Hegemony, CEO Says

During a Friday appearance on CNBC, Tether CEO Paolo Ardoino stated that USDT is the stronghold for the US dollar hegemony. 

“We are a company that created three new important features for currency. The first one is financial inclusion…That is a great feature. But then, on top of that, we are spreading the US dollar hegemony. I mean, I think that we are the stronghold… we are the stronghold for the US dollar hegemony,” he said. 

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Ardoino has stressed that Tether now owns more U.S. Treasuries than such countries as Germany, Spain, and Australia. 

“If we were a nation, we would be the 18th largest nation holding US Treasuries,” he said. 

According to CoinGecko data, Tether’s USDT currently boasts a market cap of $152 billion. 

Audits and transparency 

Paolo has stressed that its quarterly attestation is performed by BDO, the fifth-largest auditor in the world. 

When it comes to the “Big Four” auditing firms, such as PricewaterhouseCoopers (PwC), Deloitte, Ernst & Young (EY), and KPMG, Paolo has stressed that they are still “very, very” cautious. That said, the stablecoin giant is still engaging in discussions with these juggernauts. 

“There was Operation Chokepoint 2.0… The same people who are managing the big four auditing firms are very, very cautious… requires them to become comfortable with the new landscape that is changing,” he said. 

Paolo has stressed that hiring a “Big Four” auditing firm will remain the “top priority” for Tether.