Tether CTO Says Bitcoin Is The Ultimate Way To Hold Your Wealth
Paolo Ardoino shared his thoughts on the USDC depeg incident and said that Circle should focus on diversity.
USDT is first ranked stablecoin in the crypto industry by trade volume. Tether is the back-end company behind this stablecoin. Tether is a subsidiary of the popular crypto exchange Bitfinex. To this date, USDT is enjoying a first-mover advantage in the crypto sector. In the past, Tether faced several allegations over its mismanagement of USDT reserves.
In 2023, Tether chief technology officer Paolo Ardoino appeared in an interview with Cointelegraph news. In the interview, Ardoino said that stablecoin issuer companies should always focus reserve protection as a primary job and also ensure full control of reserved funds.
On the USDC depeg, Tether CTO said:
“I think the mistake of our competitor was to leave $3 billion or more that were uninsured sitting in the bank. (…) And I was surprised to see this lack of understanding of risk management from big competitors in the space.”
Further Tether CTO added a suggestion for all the crypto companies to expand the services under multiple jurisdictions. He asserted that diversification is the most important thing to remain safe.
When the interview host asked Tether CTO what he thought about USDC potentially going to zero, he said that Tether can never think about it because if USDT will remain alone then obviously it’s not an industry.
Further on the best store of value question, Tether CTO said that the US dollar may play a better role as a store of value for people in some countries but for all it is better to go with Bitcoin as the best store of value.