Ardoino remarked that he envisions a financial reset that would bring fiat currencies to their knees, rendering USDT useless. In this dire situation, bitcoin will become the only alternative to avoid devaluation and hyperinflation.
Tether CEO Paolo Ardoino Heralds the Eventual Death of USDT
Tether CEO Paolo Ardoino has come out as a bitcoin maximalist, explaining that in a distant future, bitcoin will overcome all of its fiat pairs. In a recent podcast, Ardoino stated that in this hypothetical future, Tether’s USDT had no place.
Ardoino believes that all fiat currencies will eventually sink together, falling as a consequence of their defects. In this sense, Ardoino stated:
I expect a financial reset, where all national currencies will collapse and experience hyperinflation. Consequently, USDT will be completely useless, and at that point, I believe the world will only use Bitcoin.
USDT is the most popular stablecoins product in the market, with a market cap of over 140 billion dollars, and being present in several blockchains. However, Ardoino acknowledges that Tether must be viewed as a transitional product, helping bridge embattled economies to this bitcoin future.
He highlighted the resilience of bitcoin compared to other currencies, including USDT. “It’s the only currency capable of withstanding a catastrophe from now until the next 2,000 years,” Ardoino assessed.
While this envisioned future is many years away, Tether’s business model has been shrinking as a result of stringent regulations. With the implementation of Markets in Crypto-Assets (MiCA) regulations in Europe, Tether lost valuable ground in exchanges serving European countries.
Read more: Crypto Industry Divided on Europe’s MiCA Regulations As Tether Delistings Continue
Nonetheless, Ardoino stated that Tether’s focus remains on emerging markets that still lack easy access to dollars to fight economic issues common to fiat currencies.
The company seems to be preparing for the destiny predicted by Ardoino, as it has been expanding and diversifying its portfolio. In recent months, Tether has been pushing investments in green energy, artificial intelligence, and even agriculture in Latin America.
Read more: Make Farming Great Again: Tether Pushes for Majority Stake in Adecoagro
“I believe a product -USDT- should exist as long as there is a need,” Ardoino concluded.
