Tether CEO Paolo Ardoino made a retrospective about the company’s growth since its beginnings. In a post in X, Ardoino celebrated the current standing of the company, with its USDT stablecoin reaching a $91.5 billion market cap on several blockchains, $4 billion in excess reserves, and a portfolio of mining, energy, and artificial intelligence (AI) investments.
Paolo Ardoino Celebrates Tether
Paolo Ardoino, CEO of Tether, the company behind the issuance of USDT, remarked on the evolution of the company, noting the size and significance it has reached for “millions of people,” especially in emerging markets and developing countries.
Making an emphasis on the growth of the company and its change in recent years, Ardoino stated:
Tether evolved. We listened to our community, we learned and improved. It’s a process. Always will be. No company has the luxury to exist without challenges. But the team kept its focus. Through the fire and the flames, we carry on.
Ardoino also praised USDT reaching $95.4 billion in market cap, becoming the largest stablecoin in the cryptocurrency market, with $4 billion in excess reserves that are separated from the actual reserves backing the USDT available on the market.
Tether has not sat idle over these earnings, though, as it has slowly invested in several initiatives involving mining, energy renewables, development platforms, and artificial intelligence (AI). Ardoino mentioned Holepunch, Synonim, Northern Data, and Tether Energy, highlighting the company’s expansion into different fields to keep growing and expanding.
The company has also recently reinforced its compromise in the compliance area, revealing the tight integration with U.S. government agencies like the Secret Service and the Federal Bureau of Investigation (FBI).
Finally, Ardoino revealed Tether’s plans to develop new products for 2024 and consolidate the existing ones. “They will be mind-blowing,” he concluded.
What do you think about Tether’s performance in 2023? Tell us in the comments section below.
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