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Tether CTO sees market-leading stablecoin at an advantage despite strong competition

 


Paolo Ardoino, the CTO of sister companies Tether and Bitfinex, is confident that Tether (USDT) can continue to secure its top spot as the most used stablecoin against peers like USD Coin ( USDC ).


“If we compare the usage volume of Tether to other stablecoins, then we are way ahead. Even on a bad day, our volume is ten times higher,” as Ardoino points out in this context.


A justified objection, because according to a study by Arcane Research , the second-largest stablecoin USDC, which is published by the American crypto exchange Coinbase, is currently growing rapidly and, according to Arcane analysts' calculations, could soon overtake the market value of Tether. No need to worry for the Tether CTO, as the growth of the USDC has already slowed down again over the past month, while the company's stablecoin has been able to grow again.


“In the last 30 days, Tether has regained momentum,” as Ardoino notes. 


Ardoino sees the main competitive advantage of his (value) stable cryptocurrency in the fact that Tether is a kind of access point for people who are cut off from the traditional financial system. This is how he elaborates:


“Tether is understood as an instrument of freedom, we offer a tool that is there for everyone. Not a tool made just for banks or Wall Street.”


However, USDC has a reputation for offering more transparency and legitimacy than major competitor Tether, which Ardoino again believes is a false narrative. Accordingly, the CTO points out that his company has been disclosing the composition of its own reserves (to which the stablecoin is linked) since January 2021 and thus actually offers the greatest transparency.


"I think that we at Tether are actually doing a very good job in terms of transparency," says Ardoino.


Even the ever faster development of central bank digital currencies (CBDC) does not cause the technical director to break out in a sweat, because in his opinion the state digital currencies will not replace the stablecoins anytime soon. Above all, Ardoino sees the fact that CBDCs run on centralized blockchains and therefore offer far less flexibility than cryptocurrencies on open networks as an important difference.


"What excites people so much about open blockchains is their programmability, which allows us to integrate complex processes," says the expert. 

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