Tether (USDT) CEO Paolo Ardoino Reiterates Interest in Providing U.S. Dollars to the Unbanked Billions Worldwide

Tether (USDT) CEO Paolo Ardoino told DC Fintech Week attendees that the company sees U.S. crypto regulation improving while continuing its in-house efforts

Tether (USDT) CEO Paolo Ardoino has expressed optimism about the improving U.S. crypto regulatory landscape and the company’s efforts to provide U.S. dollars to the unbanked population.

Speaking at DC Fintech Week, Ardoino highlighted Tether’s interest in expanding its role in providing financial services to the billions of people worldwide who lack access to traditional banking.

“We want to make sure that everybody in the world has access to U.S. dollars, especially those who are not banked,” the Tether CEO said.

Ardoino's comments come as several proposals in the U.S. House of Representatives aim to define and support stablecoin issuance in the country.

While these bills are yet to be passed into law, major crypto players like Ripple have already announced offerings in anticipation of favorable regulations.

Meanwhile, the rules being discussed by politicians could also allow banks to issue stablecoins, potentially posing a challenge to Tether's market dominance.

During the event, Ardoino also touched upon Tether's extensive cooperation with law enforcement agencies around the world.

The payment provider is reportedly connected to over 180 such agencies across 45 jurisdictions.

Christopher Brummer, the founder of DC Fintech Week, notably mentioned Tether's role in helping to track down the Colonial Pipeline hackers.

Brummer's name has surfaced in connection with the potential to lead the U.S. Securities and Exchange Commission (SEC), following rumors of current chair Gary Gensler stepping down.

According to Ardoino, Tether's priorities include continuing to support blockchain payment facilities and working to reduce illicit cryptocurrency use.

In related news, Tether may be expanding its involvement in traditional finance beyond U.S. Treasuries and short-term debt.

The company has reportedly considered lending its billions in profits from Treasury interests and its Bitcoin (BTC) mining to TradFi institutions.

This move follows record profits for the stablecoin issuer in the first half of 2024 and a surge in new users onboarding in Q3.

Over 36.25 million new USDT addresses were registered last quarter, as reported by Footprint Analytics.

Additionally, Tether has been exploring a shift from its crypto mining division to focusing more on artificial intelligence (AI) developments.

Northern Data, a company backed by Tether's issuer, may sell its crypto mining business to pivot towards AI-centric ventures.

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