Tether is the US government's "best friend"

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Paolo Ardoino, CEO of USDT stablecoin issuer Tether, told Cointelegraph that the company is doing everything it can to maintain good relations with the United States.

He said the firm has done this “much better” than its competitors due to its compliance efforts and cooperation with authorities.

Another reason for its good relations with the government is that Tether holds about $98 billion in U.S. Treasury bills, making it one of the largest holders in the world.

“I think Tether is the U.S. government’s best friend because we hold more U.S. Treasury bills than Germany and far more than our competitors or any other financial institution in the world”, Ardoino said.

He attributed the company's rapid growth to the simple and user-friendly USDT model.

"You send us dollars, we send you USDT worth the same. You send us tokens, we send you dollars back. Then we invest the reserves in US Treasury bills and a few other safe assets. It's that simple", Tether's CEO explained.

Regarding algorithmic stablecoins, Ardoino noted that only simple things will work in the long term. According to him, the industry tends to create complex products.

Tether CEO emphasized that the company never promoted the use of USDT in DeFi, but focused on helping people who most needed an alternative payment system.

According to Ardoino, the greatest demand for stablecoins is concentrated not in Europe and the United States, but in developing countries such as Argentina, Turkey, and Vietnam. Their citizens need constant access to the US dollar.

"We understood this before anyone else. People want to keep these dollars not in cash, but in digital form, because it is much more convenient. […] It makes no sense for us to compete in the US or Europe. We must focus on those places where it is needed most", he explained.

At the time of writing, USDT has a market cap of nearly $120 billion, significantly higher than its closest competitor USDC ($35 billion), according to CoinGecko.

Tether previously reported that it had helped 145 law enforcement agencies in 40 jurisdictions recover more than $108.8 million in USDT since its launch in 2014.

 

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Canadian Police Praise Tether for 'Fast' Recovery of Stolen Funds.

The Ontario Provincial Police (OPP) thanked stablecoin issuer Tether for its assistance in the investigation by freezing about 10,000 Canadian dollars ($7,186) in Tether stablecoins stolen from a person, which were subsequently returned to the victim.

Tether worked together with OPP's cyber investigation team to recover the funds, and after the successful operation, Addison Hunter, OPP's staff sergeant, remarked,

"With the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets were successfully seized and returned to the victim. This cooperation has been instrumental in ensuring the rapid return of assets."

Tether CEO Paolo Adoino also stressed the company's commitment to "supporting law enforcement efforts to combat cybercrime" and will continue to work with law enforcement officials around the world to "hold bad actors accountable and ultimately provide support to victims."