In March 2020, Paolo Ardoino, the brain behind Tether (USDT), took the stage for the first time at the CryptoCompare conference in London. His talk, titled “Tether: A Story of Innovation,” marked the beginning of a remarkable journey. Ardoino reflected on the past four years, highlighting Tether’s growth, challenges, and evolution.
From its early days, Tether was met with both curiosity and skepticism. Ardoino recalls the eagerness to understand the innovation behind Tether, as well as the doubts that needed to be addressed. Despite the hurdles, Tether evolved by listening to its community, learning from challenges, and continually improving.
According to Ardoino, Tether’s journey is one of innovation, resilience, and perseverance. No company exists without challenges, but overcoming them defines success. Tether’s story is a testament to the team’s passion, determination, and commitment to constant self-improvement.
Today, Tether has reached a market value of approximately $91 billion, consistently hitting record levels in the last quarter. Its success transcends numbers, representing innovation, adaptability, and perfect market fit. Tether has become a trusted product used by hundreds of millions worldwide, particularly in emerging markets and among the unbanked.
In 2023, Tether added about $4 billion in excess reserves to its consolidated stablecoin reserves. This strategic move distinguishes Tether from others by demonstrating a commitment to stability and resilience, a rarity in the financial sector. While many companies convert their profits entirely to cash, Tether maintains excess reserves, adopting a unique approach.
Beyond its core stablecoin operations, Tether has diversified its portfolio by establishing partnerships and supporting various companies. Projects like Holpunch, Synonym, and Northern Data showcase Tether’s commitment to innovation across different sectors, from creating a new layer of the Internet to reshaping social networks and entering the AI infrastructure space.
Looking towards 2024, Ardoino anticipates launching new products and strengthening existing ones. The roadmap for the coming year promises excitement and growth. Ardoino takes great pride and humility in serving as CEO and leading a team of bright, dedicated, and passionate individuals into the future. As Ardoino puts it, reaching the pinnacle of “Rock n Roll” requires a long journey, and Tether’s path, marked by innovation and resilience, continues to shake the crypto world with new possibilities and successes.