The CEO of Tether Holdings, Paolo Ardoino, is highlighting that the USDT stablecoin is largely backed by an asset widely regarded as safe and highly liquid.

In a new CNBC interview, Ardoino says if Tether were a country, the USDT issuer would rank among the top 20 largest foreign holders of US Treasuries.

“We have $152 billion now in issued tokens. And we have $172 billion in total reserves. We have more than $125 billion in US Treasuries, and the rest is very, very high liquid assets.

We own more Treasuries than Germany. Well, Tether is not a nation, but if we were a nation, we would be the 18th-largest nation holding US Treasuries.

We have more Treasuries than Germany, UAE [United Arab Emirates], Spain, Australia and we are growing. Our approach is to keep growing our US Treasuries base.”

As of March, Germany and the UAE held $111.4 billion and $104.4 billion in US Treasuries, respectively, according to US Treasury data. The countries that hold more US Treasuries than Tether as of March are Japan, China, the United Kingdom, Cayman Islands, Canada, Luxembourg, Belgium, France, Ireland, Switzerland, Taiwan, Hong Kong, Singapore, India, Brazil, Norway, Saudi Arabia and South Korea.

Last week, the U.S. Treasury Secretary Scott Bessent said stablecoins could serve as a major source of demand for the government debt.

“I’ve seen estimates that just over the short term, stablecoins could create $2 trillion of demand for US Treasuries and Treasury bills. Put that in context, the number is probably about $300 billion right now…”

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Tether chief executive Paolo Ardoino reportedly says that the stablecoin issuer will stay focused on foreign markets as a stablecoin regulatory bill works through Congress.

According to a new report by Bloomberg, Ardoino says that even though the Genius Act, an industry-backed bill to regulate dollar-pegged crypto assets in the US, is making its way through Congress, Tether will remain focused overseas.

“It is important for us to see how the Genius Act is distinguishing between foreign issuers and domestic issuers. For us, the main interest will remain outside of the US. We are looking at the Genius Act in a way that will allow us to be compliant. We can be compliant while still having a strong focus on foreign markets.”

Tether, which is based in El Salvador, is the largest stablecoin issuer in the world but stopped serving customers in the US in 2018.

However, the report says that if Tether were to focus on the US, it may run into issues such as backing USDT with Bitcoin (BTC), which currently isn’t allowed due to regulations.

Ardoino goes on to say that since Tether isn’t focused on the US, the firm isn’t worried about major banks – such as JPMorgan Chase, Bank of America, Citigroup, Wells Fargo – venturing into the world of stablecoins and issuing their own.

“We are not worried about the competitors coming from big banks, because they will look at the Western world. Our customer base are the 3 billion people unbanked that are not touching the banking system.”

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Paolo Ardoino, the chief executive of USDT issuer Tether, thinks many European banks will “blow up” in the coming years.

In a new interview with Pascal Hügli, Ardoino blasts European Union stablecoin regulations, arguing that they increase systemic risk to the economy rather than doing the opposite.

“So remember, their regulation was pushing us to keep 60% of our reserves in uninsured cash deposits in Europe. So let’s make this simple math calculation, right?

Imagine that you have €10 billion in market cap of your stablecoin in Europe. 60% needs to be kept in uninsured cash deposits in a bank. Uninsured cash deposit means that bank insurance in Europe is only €100,000…

Now, of those €6 billion, you know that European banks – well, all the banks – are doing fractional reserves, so they can lend out 90% of it to people that want to buy a house, that want to start a business, or to public works or whatever.

So €5.4 billion will be lent out by the bank and €600 million will be kept…

So imagine that you have a redemption of 20%, so you need to pay out €2 billion. You go to the bank and you tell the bank, ‘Well, I want €2 billion.’

And the bank says, ‘Well, I only have €600 million.’ As a stablecoin issuer, you go bankrupt. Not because of you, but because of the bank. So the bank goes bankrupt and you go bankrupt.”

Ardoino says the regulations are designed to bring liquidity to the banks. He claims that the big financial institutions in Europe won’t bank stablecoins, so stablecoin issuers following EU regulations will be forced to rely on smaller banks with more risk.

According to Ardoino, the setup will lead to a banking crisis in Europe.

“Mark my words, as happened with Silicon Valley Bank, that, by the way, almost killed them in 2023, they will face the same issues. Banks will blow up in the next years also in Europe…

Many banks will blow up in Europe in the next few years.”

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April 21st “Bitcoin is a unique asset that all of its rules are based on mathematics.” -Paolo Ardoino

CTO Bitfinex -Paolo Ardoino revealed his views on the decentralized financial revolution in Bitcoin News in a previous interview. And why financial freedom focuses on Bitfinex’s mission.

1. “Spark” Bitcoin: In 2012, Ardoino “Sunstroke” Bitcoin is due to the idea that it gives everyone, especially billions of people who don’t have bank accounts, the right to self-manage their property. “A global financial revolution!”

2. “Freedom” philosophy: Bitcoin is a commitment to the financial freedom, decentralization and awarding of personal assets. Ardoino has achieved this by developing secure, transparent P2P technology.

3. Success = Practical Application: Bitcoin’s success is not the price, but the fact that people believe it more than traditional currency. “Bitcoin is managed by mathematics, not policy! Peers (P2P) is a revolution!” Education is the key to helping people understand Bitcoin’s core values.

4. Bitfinex’s greatest creativity:

The creative possibilities of Bitfinex lie in building tools to help financial sovereignty become practical and expandable. This means that we continue to promote the limits of performance, security and openness not only for traders, but also for developers, creators and communities.

We are more than just trading platforms. Bitfinex has evolved from a very fast API from trader programming APIs to P2P protocols to a high-performance financial technology stack to support communication and connectivity at will. I am particularly interested in integrating P2P infrastructure to build recovery in regions where access to traditional financial products is limited or threatened.

It’s a real creative place that happens – at the boundaries where technology meets people’s daily needs. Whether you’re activated with microscope payments via Lightning or building anti-sensorship protocols through projects like HolePunch, our focus is expanding access as well as liquidity.

5. “Maximalist” Choice: Ardoino believes Bitcoin is uniquely “Northern Star”, but does not rule out other technologies if it serves humans and is suitable for a decentralized and autonomous spirit.

6. Reduce the distance: Bitcoin is not only priced, but in principle it is shady and censored. “The foundation is the ability to recover, privacy and decentralization!”

7. Balance between “Bitcoin Spirit” and Web3/defi: The core spirit of Bitcoin is “guidelines.” Bitfinex accesses new technologies based on the prism of Bitcoin principles. It strengthens freedom and personal recovery.

8. Value-Building Community: The most valuable relationships are for those who build, educate and protect Bitcoin’s core values ​​through actual actions.

9. Bitfinex Route – Towards the Organization: It focuses on meeting your infrastructure needs, reliability, speed and compliance for large investments and organizational funding.

10. Advice for new people: Focus on building real value: contributions by improving source code, education, project improvements, and solving practical problems. “Don’t chase the ‘hype’. Immerse yourself in the enduring rhythm of Bitcoin. ”

11. heritage: Contribute to making Bitcoin more accessible: Ardoino doesn’t need a name. We want to contribute to building a system that makes Bitcoin more useful to everyone.

12. Question for Satoshi: If Ardoino could go back to time and ask Satoshi questions, it would probably be “Do you think you’re trying to cause a financial revolution?”

Because it is precisely Bitcoin, it is proof that humans can overthrow the current financial background and bring about the balance and the ability to recover our global economy is in need. This is just the beginning.

This was the overall interview with Paolo Ardoino, CTO Bitfinex and CEO Tether.

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Don’t forget to follow the bitfinex Vietnam Community telegram, Twitter & Facebook To update articles, information and events as soon as possible!

]]> https://earlybirdsinvest.com/bitcoin-is-a-unique-asset-that-all-of-its-rules-are-based-on-mathematics-paolo-ardoino/feed/ 0 32019 https://earlybirdsinvest.com/bitcoin-is-the-only-asset-governed-by-pure-mathematics-paolo-aldoino/ https://earlybirdsinvest.com/bitcoin-is-the-only-asset-governed-by-pure-mathematics-paolo-aldoino/#respond Wed, 16 Apr 2025 23:10:52 +0000 https://earlybirdsinvest.com/bitcoin-is-the-only-asset-governed-by-pure-mathematics-paolo-aldoino/

April 16th Bitcoin is the only asset governed by pure mathematics” – Paolo Aldoino

Bitfinex CTO Paolo Ardoino shared his views on Bitcoin News on Bitcoin, decentralization and why it’s at the heart of Bitfinex’s mission.

1. Sparks of involvement
   
   When was your first moment of passion for Bitcoin? Where were you and what makes the moment memorable?

My biggest passion is pushing the boundaries of what technology can do. My favorite thing is to experiment with how new technology can be used to solve some of the world’s most pressing problems.

I’ve always been passionate about computers. I began coding at the age of 8 and later enrolled in the Computer Science Program at the University of Genoa, where I graduated in 2008. While researching military projects, I was deeply involved in encryption and discovered distributed systems. In 2012, I was inspired by the idea that I could read a Bitcoin white paper and looked after my wealth without resorting to banks or other intermediaries. We also realized that Bitcoin can provide access to financial services to millions of banks around the world.

What makes the moment memorable is my combination of passion for encryption, finance and decentralized technology, all together in Bitcoin. It was clear that this was not just an interesting concept, but a revolutionary change that could have an impact on global finance.

2. Core Philosophy
   
   What do you interpret as a core philosophy of Bitcoin? How is it best to regularly embody this spirit?

I interpret Bitcoin’s core philosophy as a commitment to economic freedom, decentralization, and the empowerment of individuals to control their wealth. Bitcoin represents the idea that a financial system can exist outside of traditional institutions without relying on intermediaries, while ensuring trust, privacy and transparency. Here you can read all about Bitfinex’s philosophy and its manifesto for economic freedom.

I embody this spirit by focusing on developing technologies that will strengthen decentralization and expand access to financial services. I am committed to furthering the ideals of Bitcoin both financial and beyond, with peer-to-peer (P2P) technology and decentralized systems that enable secure and transparent communication.

3. Define success
   
   How do you measure success in a particular Bitcoin niche? Which specific factors contribute most to achieving this metric?

For me, success with Bitcoin is not measured on the price chart. It is measured by resilience and real-world use. If a Lugano merchant, or an Argentine family, chooses to hold Bitcoin because they trust its certainty over local currency, it is a success.

Bitcoin is the only asset that is purely controlled by mathematics. There is no central bank or sudden policy shift – just 21 million people, half every four years. Such predictability builds trust. But what makes Bitcoin innovative is its peer-to-peer nature. It is the ability to trade freely anywhere in the world without resorting to banks, governments or intermediaries. This is a protocol for human coordination, not just financial.

Education is the only biggest contributor to success in this field. Once people understand not only how Bitcoin works, but also why Bitcoin exists, they start to see it as more than a financial tool. They view it as a foundation for freedom, sovereignty, and for resilience in uncertain times.

At Bitfinex, the central part of our mission is to build tools and infrastructure that will allow people to access Bitcoin on their own terms. This includes support technologies that enhance the peer-to-peer spirit of Bitcoin, from open APIs to lightning integration to the decentralized communications layer. If you can lower the barriers and raise the level of understanding, then Bitcoin’s success takes care of itself.

4. Innovation and competition
   
   Where do you think the greatest potential for innovation within Bitfinex lies as a major cryptocurrency exchange?

The greatest potential for innovation in Bitfinex is to build tools that make economic sovereignty practical and scalable. That means keeping the boundaries of performance, security and openness for traders as well as developers, creators and communities.

We are more than just trading platforms. Bitfinex has evolved into a high-performance financial technology stack, from the Lightning-Fast APIs for programmatic traders to peer-to-peer protocols that enhance free communication and connectivity. One area that I’m particularly excited about is integrating P2P infrastructure to build resilience in areas where traditional access to financial tools is limited or under threat.

That’s where real innovation occurs at the edge where technology meets people’s everyday needs. Whether we enable micropayments via lightning or build protocols that can withstand censorship through projects such as HolePunch, our focus is on expanding access as well as liquidity.

5. Bitcoin Maxi
   
   Do you think you’re a Bitcoin maximalist? If yes, why? If no, why?

Ultimately, we believe that Bitcoin is unique. It is the only decentralized, unstoppable asset in the world. It is governed by mathematics, not by committee. No other networks offer that level of predictability, resilience, or confidence. That being said, I also believe in building tools that will help real people. At Bitfinex, our mission is to provide users with choice, security and freedom, so we work on many layers of our ecosystem, from Bitcoin to lightning, lightning, and new technologies.

Bitcoin is the foundation and North Star, but innovation does not occur in a vacuum. It happens when we take that spirit (decentralization, openness, sovereignty) and apply it to everything we build. No, I don’t reject everything that isn’t bitcoin. But I believe Bitcoin is the benchmark – an idea that pushes us to think bigger and build better.

6. Filling the division
   
   What lessons from the “early” of Bitcoin should know new entrants?

I think one of the most important lessons from the early days of Bitcoin is that this movement was not merely priced, it wasn’t about principles. Bitcoin has emerged as a response to systemic disorders. It was opacity, censorship and rebellion against the idea that you needed permission to own your own money.

At the time there was raw energy. It’s the feeling of building something for people, for people. Today, it’s easy to be distracted by memes, hype cycles, or harvest farming, but the core lessons remain: resilience, privacy, decentralization – these are the foundations, not functions. If you are new to space, I recommend you look beyond the surface. Bitcoin is not just an investment, it is a technical and philosophical framework for freedom.

7. The spirit of Bitcoin
   
   How do you balance the core spirit of Bitcoin with the broader Web3/Defi ecosystem?

The core spirit of Bitcoin – decentralization, self-reinforcement, censorship resistance – is the North Star. Everything else in this space is the foundation to be measured. At Bitfinex, we take that spirit seriously, not just in what we support, but in how we build it. However, I am also an engineer. The experiments are healthy and I think the broader Web3 and Defi ecosystem can provide meaningful innovations, but only if those innovations match the value that enabled Bitcoin in the first place.

Transparency, user control, and robustness to hype. This is the balance. engage in new technologies, but filter them through the lens of Bitcoin principles. If a tool or protocol increases individual freedom and resilience, explore it. If that damages these values, we leave it.

8. Community and collaboration
   
   Who is the most influential bitcoin relationship in the ecosystem?

The most influential relationships I have built in the Bitcoin ecosystem are those who focus on building, such as developers, educators, organizers and others who are deeply interested in protecting Bitcoin’s core values. Some are public figures, others prefer to stay behind the scenes, but they are all committed to moving the space forward with integrity. What connects us is a common commitment to decentralization, resilience and freedom. We learn from each other, challenge each other, support each other not only through words but real-world actions.

These relationships are built over time through consistency. I focus on the contributions that appear, hear and make sense, in line with the principles that brought us to this space first. That’s how you build trust – through work and shared vision.

9. Roadmap
   
   What is the most influential service on Bitfinex’s roadmap at this time? What is the reason?

One of the most influential areas of our current roadmap is strengthening the infrastructure within our facilities. While interest is growing from hedge funds, asset managers and traditional trading companies looking to have exposure to digital assets, operating at scale requires reliable, speed and compliance tools.

At Bitfinex, performance is always our priority. But now we are layering more robust APIs, deeper liquidity across pairs, advanced risk control, and more powerful reporting tools to meet the expectations of professional investors. This is not about following trends, but about continuing to provide the standards set a few years ago. Bitfinex is one of the original exchanges in the digital asset industry, building a reputation for resilient combat testing technology that has endured over a decade of market volatility.

Bringing more institutional capital into Bitcoin and digital assets is an important part of ecosystem maturation. We’re building for that future. Traditional and decentralized finance converges without undermining the principles that make this space unique.

10. Advice for newcomers
    
    What advice would you give fresh Bitcoiners, aiming to leave their mark in the ecosystem?

My advice is simple. Focus on the building, not on the branding. The early Bitcoin community was driven not by marketing, but by deep beliefs in belief, code, and freedom. If you’re in this space to make a name for yourself, start by contributing something useful. Write code, educate others, help improve open source projects, and build tools to solve real-world problems.

Don’t chase the hype. Bitcoin is intentional and resilient – it is by design. To leave a mark, you must adjust to that rhythm. Study history, understand the value, and be prepared to work in the shadows for a while before it is recognized. Those who most shaped Bitcoin didn’t ask for attention – they gained trust over time.

This ecosystem rewards those who remain curious, humble and appear. That’s how the impact will be made.

11. Legacy and reflection
    
    When Bitcoin reaches global adoption, how do you want to remember its contribution to Bitcoin’s history?

You don’t need a name written in Bitcoin history. Most importantly for me, it helped me to build a system that is more accessible, more resilient and more useful for everyday people. If you help us strengthen our foundations through technology, infrastructure and education, that’s enough.

Bitcoin stories are not about one person. It’s about a global community that believed in ideas and continued to build, whether it was difficult or unpopular. If my role in it helps others find a way into the ecosystem or gives them the tools to maintain their sovereignty and remain safe, I consider the legacy worthy of leaving.

12. Satoshi
    
    If you could go back in time and ask Satoshi one question, what would it be?

Perhaps they’ll ask Satoshi if there were any clues that he was trying to ignite a financial revolution. Because that’s Bitcoin. It is proof that people can overturn their financial position and bring about the balance and resilience that our global economy desperately needs. This is just the beginning.

]]> https://earlybirdsinvest.com/bitcoin-is-the-only-asset-governed-by-pure-mathematics-paolo-aldoino/feed/ 0 31195 https://earlybirdsinvest.com/tethers-paolo-ardoino-says-stablecoin-issuer-has-been-through-hell-is-cheered-on-at-cantor-conference/ https://earlybirdsinvest.com/tethers-paolo-ardoino-says-stablecoin-issuer-has-been-through-hell-is-cheered-on-at-cantor-conference/#respond Thu, 13 Mar 2025 06:35:02 +0000 https://earlybirdsinvest.com/tethers-paolo-ardoino-says-stablecoin-issuer-has-been-through-hell-is-cheered-on-at-cantor-conference/

Tether CEO Paolo Ardoino says USDT will help to successfully keep the US dollar on top of the global financial power structure.

In a new post to the social media platform X, Ardoino makes his argument for why USDT is the “most successful tool” for the US dollar maintaining its hegemony.

“Tether built, over the last decade, the widest physical and digital distribution network, spacing from thousands of kiosks in Africa and South America to digital remittances platforms, from payment backbones to institutional tools.

Every single day our teams and portfolio companies are with their boots on the ground in countless areas within developing countries, helping communities and growing utilization, trust and education into USDT and by reflection into the US economy.”

Ardoino notes that USDT is held by more than 400 million people, growing at a pace of 35 million new wallets per quarter, or 140 million new wallets per year. He also says USDT is doing especially well in developing countries.

Tether’s success, says Ardoino, has come at the price of a target on their back.

“While our competitors’ business model should be to build a better product and even bigger distribution network, their real intent is ‘Kill Tether.’

Every single business or political meeting that they have culminates with this intent.

While might seem an overstatement, it’s a fact and it’s being reported independently by hundreds of people inside and outside the digital assets industry in touch with the US administration.”

The CEO frames any competitors’ attacks on the stablecoin firm as an attack on the sovereignty of the US dollar. And according to Ardoino, Tether is the 18th largest US dollar holder by the size of US treasuries.

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The chief executive of USDT stablecoin issuer Tether is reportedly working with US authorities to construct laws around dollar-pegged crypto assets.

In a new post on the social media platform X, Fox Business journalist Eleanor Terrett reports that Paolo Ardoino and Tether are “actively engaging” with the US government on how to best form laws around stablecoins.

According to Ardoino, not only will Tether advise on the stablecoin bills unveiled this month, the firm will comply with the law whichever way the regulation goes.

“We are going to work within the regulatory framework, and we are going to try to advise on every single one of these field proposals to make sure that our voice is heard…

We are not going to just throw in the towel and let Tether die just for the sake of not adapting to U.S. legislation. But there is still a lot of uncertainty over what’s actually going to happen, and we want our voice to be heard in the legislative process.”

Last week, Representative Bryan Steil of Wisconsin and Representative French Hill of Arkansas released a discussion draft of the STABLE Act of 2025, which seeks to provide a regulatory framework for the issuance and operation of dollar-pegged crypto assets in the US. According to Terett, Tether is engaged in the discussion of the bill’s draft.

Representative Maxine Waters of California and Senator Bill Hagerty of Tennessee also introduced stablecoin-related bills this month.

According to the report, compliance with the proposed bills from Tether’s perspective would mean submitting to monthly audits by a US accounting firm and to maintain a 1:1 ratio of reserves to assets that are pre-approved by regulators.

Currently, Tether’s website has a page entirely dedicated to transparency that updates data on its reserve assets on a daily basis. It shows that as of December 2024, Tether has $143 billion in net assets and $136 billion in total liabilities.

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