Paolo Ardoino on Tether's billion-dollar profits and plans to buy bitcoin
Quick Take
- Tether CTO Paolo Ardoino explores Tether’s plan to venture beyond stablecoin offerings.
Episode 50 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Tether & Bitfinex CTO Paolo Ardoino.
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Paolo Ardoino is the Chief Technology Officer for Tether and Bitfinex.
In this episode, Ardoino talks through Tether's treasury management strategy, including the firm's recently announced bitcoin purchases and how the firm is planning to use the $1.5 billion in profit generated during Q1 of this year.
According to Ardoino, Tether's recent profitability is prompting the firm to diversify:
“The beauty of our next period plan is that we can start diversifying ourselves from the pure stablecoin offering and become a more round tech provider that that requires expertise in many important fields. So energy, communication, financial infrastructure are going to be the key of the next six to 12 to probably 48 months.”
Despite the bear market, the market cap of USDT is currently near its all-time high of $84.1 billion.
During this episode, Chaparro and Ardoino also discuss:
- Why USDT is so popular on Tron
- Tether's key to success in emerging markets
- The US default and how Tether is positioning
This episode is brought to you by our sponsor CleanSpark.
About CleanSpark
CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Visit cleanspark.com/theblock to learn more about the CleanSpark way.
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