Paolo Ardoino, Tether’s charismatic chief executive officer, drew applause upon entering the Cantor Fitzgerald Global Technology Conference in New York on Wednesday.
Dressed casually in a light blue Ralph Lauren polo and gray khakis, he contrasted sharply with the suited crowd. “We’ve been through hell,” Ardoino admitted, referencing years of regulatory battles. Attendees cheered as he detailed Tether’s survival despite intense U.S. scrutiny.
The Italy-born executive marked his inaugural U.S. trip with optimism. “It’s beautiful here,” he said, smiling. “I feel very welcomed.” His visit follows years of avoiding the country amid legal pressures.
U.S. Authorities Scrutiny and Tether’s Resilience
Tether settled charges with the CFTC and New York regulators in 2021, paying $42.5 million over reserve misstatements. Meanwhile, a Department of Justice probe reportedly continues. “People warned I’d be arrested if I came,” Ardoino revealed. “They tried to scare us off.”
Despite this, the firm posted a staggering $13 billion profit in 2024. Its USDT token dominates 60% of the stablecoin market, dwarfing competitors like Circle’s USDC. Ardoino credits resilience: “We’re still here, right?”
Tether’s Multifaceted Ties to the U.S. Despite Offshore Status
Though headquartered in El Salvador, Tether’s U.S. links run deep. It holds nearly $100 billion in U.S. Treasury bonds, ranking among the top global debt buyers. Additionally, Tether invested $775 million in Rumble, a conservative-leaning video platform planning crypto integrations.
Crucially, Cantor Fitzgerald manages Tether’s Treasury reserves. Howard Lutnick, Cantor’s ex-CEO and Trump-era Commerce Secretary, confirmed holding Tether convertible bonds. Furthermore, Tether collaborates with U.S. agencies like the FBI to curb illicit crypto activity.
Ardoino’s First U.S. Tour and Public Appearances
Ardoino’s week-long U.S. tour included a Capitol Hill photo-op and a Bitcoin Policy Institute fireside chat. “I avoided America before,” he acknowledged, citing regulatory risks. Now, he’s embracing visibility.
His itinerary highlights Tether’s strategic shift. Once focused on emerging markets, the firm now engages U.S. policymakers as stablecoin regulation advances. Ardoino’s relaxed demeanour and bold messaging aim to humanise the often-controversial company.
From Stablecoins to AI and Real-World Assets
Beyond stablecoins, Tether is diversifying into AI, education, and tokenising real-world assets (RWA). “This year’s outlook is wonderful,” Ardoino declared. The firm, operating with just 150 global staff, prioritises tech innovation.
For instance, Rumble plans to launch a crypto wallet supporting USDT, Bitcoin, and Tether’s gold-backed XAUT. Meanwhile, Tether’s AI initiatives target decentralised compute power, challenging centralised giants like Google and Amazon.
Regulatory Landscape and Tether’s Strategic Moves in 2024
The U.S. seeks to regulate its $200 billion stablecoin market, yet Tether remains offshore. Treasury Secretary Scott Bessent recently called stablecoins vital for dollar dominance, a view Ardoino echoes.
However, Tether avoids direct U.S. market entry. Instead, it strengthens alliances: Cantor Fitzgerald, Rumble, and U.S. agencies. Analysts suggest this balances growth with regulatory evasion. “We’re building bridges,” Ardoino hinted, “without surrendering autonomy.”
A New Chapter for Tether?
Ardoino’s U.S. debut signals Tether’s confidence amid lingering scrutiny. With massive profits, strategic investments, and regulatory manoeuvring, the firm aims to shed its “crypto rogue” image. Still, challenges persist as lawmakers tighten oversight.
“Hell didn’t break us,” Ardoino concluded. “Now, we’re writing the next chapter.” As applause echoed, attendees seemed to agree Tether remains a force, ready to defy odds again.
