Tether, the company behind the popular stablecoin USDT, announced a significant milestone in its growth, with its market value reaching $91 billion.
It was also revealed that over 2023, the firm has added approximately $4 billion in excess reserves to its stablecoin’s consolidated reserves, showcasing its commitment to stability and resilience in the volatile digital currency market.
Tether’s Ardoino Reveals Company’s Growth and Plans
The announcement was made by Tether’s CEO, Paolo Ardoino, who detailed the company’s journey and its plans for the future.
I remember when I spoke for the first time in front of a public audience about @Tether_to .
It was March 2020, in London, at the CryptoCompare conference.
The title of my speech was “Tether: a story of innovation”.
I never did public speaking before.
I was excited and quite shy…— Paolo Ardoino 🍐 (@paoloardoino) December 26, 2023
Ardoino reminisced about his first public speech at the CryptoCompare conference in March 2020. Describing the event as a moment of innovation storytelling for Tether, he reflected on the challenges and successes the company has faced.
“Tether evolved. We listened to our community, we learned and improved,” Ardoino shared, highlighting the company’s commitment to resilience and innovation.
The CEO also highlighted the success of Tether’s USDT as not just a financial instrument but an innovation that has gained the trust of millions worldwide, particularly in emerging markets and developing countries.
Tether’s focus on providing financial services to unbanked communities has been a notable part of its mission, addressing the neglect of these communities by traditional banking sectors.
Tether’s expansion isn’t limited to its stablecoin operations, as it has been actively investing in and co-founding various innovative projects.
These ventures include Holpunch, which is working on a new Internet layer and runtime for P2P applications; Synonym, focusing on making Bitcoin products accessible to the masses; Northern Data, aligning with Tether’s vision of accessible AI infrastructure; and Tether Energy, making strides in the Bitcoin mining space and developing a P2P/IoT platform named Moria for operational efficiency.
“These investments are just the tip of the iceberg,” Ardoino hinted, suggesting that more announcements are to come.
Tether CEO Ardoino Forsees Exciting 2024
Ardoino expressed excitement for 2024, hinting at the launch of new products and the consolidation of existing ones, emphasizing his pride in leading a team of brilliant, dedicated, and passionate individuals.
“We plan to launch several new products and consolidate existing ones,” he stated, emphasizing the company’s forward-looking vision.
Reflecting on the journey, Ardoino concluded with gratitude and anticipation, “It’s a long way to the top if you wanna Rock ‘n Roll.”
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