Tether CEO: USDT Is a Transitional Tool on the Way to Bitcoin Standard
Is the USDT cryptocurrency destined to play the role of an intermediate cryptocurrency in the process of global transition to the Bitcoin standard? Read what the head of Tether Limited, the issuer of the USDT token, thinks about it.
In the Bitcoin Italia podcast, Paolo Ardoino, the leader of Tether Limited, which issues the USDT (Tether) token, predicts that in the coming decades (years), the USDT stablecoin will lose its market significance, and the global economy will use Bitcoin as the main crypto asset.
Ardoino predicts that the financial sector of the global economy is moving towards a crisis, which will cause the collapse of national fiat currencies and hyperinflationary processes. In the predicted scenario, according to the head of Tether Limited, only Bitcoin, the world's first cryptocurrency, will be able to maintain its position.
The CEO of Tether, as it turned out, considers the company's brainchild, USDT, to be a "transitional tool" and explained that the mission of the USDT token and Tether Limited is to provide countries with unstable and developing economies with assistance in adapting to the onset of the global dominance of the Bitcoin standard.
"This is a currency (Bitcoin) that can survive any disaster, even in 2000 years," Paolo Ardoino expressed his opinion on the reliability of Bitcoin - a modern "digital gold".
In addition, the CEO of Tether said that the USDT token will exist as long as the world economy and the cryptocurrency market need it.
USDT - information about the token
Tether (symbol ₮) is a cryptocurrency token issued by Tether Limited, the founders of which insist that its price stability is 80% provided by the reserves of fiat US dollars in the company's bank accounts and their equivalent in other assets.
The main strategy of the developers of the USDT (Tether) cryptocurrency is to provide cryptocurrency market operators with the opportunity to use a stable digital currency ("stablecoin"), the price of which is tied to the US dollar exchange rate and has low volatility compared to the quotes of other cryptocurrencies on the market. USDT Tether is released on the Omni Layer platform, which is a layer above the Bitcoin blockchain network.
USDT has long held a stable leading position in daily and monthly transaction turnover on crypto exchanges and cryptocurrency exchange services.
In 2019, Bloomberg published an analysis of the reasons for USDT's leadership. The work publishes the opinions of crypto market experts, according to which many exchange services do not have fiat currency accounts at all and use USDT as an intermediate means for conducting transactions on basic client accounts. In particular, there is a ban in China - you cannot buy Bitcoins for fiat money, but you can buy USDT and then buy Bitcoins and other crypto tokens for USDT.