As a seasoned crypto investor with a keen eye for market trends and regulatory developments, I find Tether’s (USDT) strategic moves intriguing. Their focus on providing financial services to the unbanked population globally aligns with my belief that blockchain technology can bridge the gap in financial inclusion.
The leader of Tether emphasized once more their desire to supply US dollars to the billions globally who lack access to banking, and voiced optimism regarding upcoming regulations.
According to Paolo Ardoino, CEO of Tether (USDT), the firm anticipates an enhancement in U.S. cryptocurrency regulations, all the while persisting with internal initiatives aimed at bolstering transparency measures.
Legislators in the U.S. House of Representatives are considering plans to officially endorse and back the creation of stablecoins within the United States. While these proposals have not yet been enacted as laws, emerging companies such as Ripple have already declared their intent to introduce related products in expectation.
Politicians such as Patrick McHenry and Maxine Waters have proposed rules that might allow banks to create their own digital currencies known as stablecoins. If these rules are implemented, they could possibly disrupt the current market dominance of Tether.
Tether’s global cooperation and expansion
The payment service is linked to more than 180 law enforcement bodies spread across 45 different regions, according to Ardoino’s statement to the event organizer, Christopher Brummer. It’s worth noting that Brummer has been suggested as a potential successor to current Securities and Exchange Commission chair, Gary Gensler, along with Dan Gallagher from Robinhood Markets.
According to Ardoino’s statements, ensuring the legitimacy of cryptocurrency transactions and protecting blockchain payment systems are high on Tether’s list of concerns.
Additionally, it’s worth noting that the company behind USDT may expand its presence within conventional finance, potentially moving beyond U.S. Treasuries and short-term debt. There are indications that they might lend their substantial earnings from Treasury investments and Bitcoin (BTC) mining to traditional financial institutions.
The decision could stem from strong earnings in the first half of the year and an influx of new users in Q3 2024, with over 36.25 million new USDT wallets registered during the last quarter. Additionally, Tether is considering shifting focus away from its cryptocurrency mining sector towards more artificial intelligence projects. Northern Data, a company backed by the issuer of USDT, might divest its crypto mining assets to invest in AI-oriented ventures instead.
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2024-10-22 23:46