Tether, the company behind the popular stablecoin USDT, celebrated its 10th anniversary. In a recent interview, CEO Paolo Ardoino addressed concerns about the company’s transparency and outlined plans for the future.
Fighting Back Against Criticism
Tether has faced criticism over its alleged involvement in illicit finance, including money laundering and ransomware payments. Ardoino acknowledged that the company has been “naive in the past” and didn’t respond to concerns effectively. He pointed out that Tether didn’t even have a public relations team until 2022.
To combat these issues, Tether has blocked over $1.8 billion in USDT from over 1,850 crypto wallets, working closely with US agencies in 636 of these actions.
Building Trust and Transparency
Ardoino highlighted Tether’s efforts to improve transparency and build trust with users. These efforts include:
- Partnering with US law enforcement: Tether now collaborates with over 180 law enforcement agencies across 45 jurisdictions, including the FBI and the Department of Justice.
- Surveillance task force: Tether has joined forces with other crypto firms, like Tron and TRM Labs, to create a surveillance task force to combat financial crime associated with USDT.
- Working with Cantor Fitzgerald: Tether has enhanced its collaboration with broker-dealer Cantor Fitzgerald and its CEO, Howard Lutnick.
Looking Ahead: A More Positive Future for Crypto?
Ardoino expressed hope that the upcoming US election will lead to a more positive regulatory environment for digital assets. He believes that the US has fallen behind in embracing this revolutionary technology.
Despite the challenges, Ardoino is optimistic about the future of Tether and the broader crypto space. He believes that USDT can continue to help millions of people, especially those in developing countries, by providing a stable and reliable currency.
