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Friday, December 29, 2023

Tether Has “Mind Blowing” Plans for the Future, Says CEO

By Mark Hunter ↗

17 hours agoThu Dec 28 2023 09:31:38

Reading Time: 2 minutes

  • Tether CEO Paolo Ardoino has hinted at “mind-blowing” investments and future plans in an end-of-year address
  • Ardoino reflected on Tether’s remarkable growth since his inaugural public address in March 2020 and anticipated the stablecoin’s market cap surpassing $100 billion in 2024.
  • Ardoino outlined Tether’s upcoming initiatives, expressing excitement for the company’s future while highlighting its substantial growth and projections for 2024

Tether CEO Paolo Ardoino has said that the company has “mind blowing” plans and investments that it is yet to announce in an end-of-year address. Ardoino took to X to give a brief review of the year for Tether and promise big things next year, with the company set to reveal several new products and develop existing ones. Ardoino also reflected on Tether’s incredible growth since his first public address in March 2020, with 2024 likely to see its market cap top $100 billion.

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 Reflects on Growth Since 2020

In his post, Ardoino reminisced about the company’s inaugural public address at the CryptoCompare conference in London in March 2020, acknowledging the rapid growth of Tether at the time and the curiosity surrounding it. He also highlighted Tether’s resilience, saying that the company has “a level of stability and resiliency likely never seen in the financial industry,” adding that Tether has become a trusted product used by millions globally, especially in unbanked and underserved communities.

Ardoino also referenced Tether’s $91 billion market cap, which makes it the biggest stablecoin by a factor of some 3.5, noting that the company also added around $4 billion as excess reserves to ensure stability and resilience in its consolidated reserves throughout 2023. It will likely hit $100 billion in baking next year, although questions still remain over an audit to verify these claims.

New Products Coming

Ardoino didn’t give much away when it came to new products, although his did touch on the company’s expansion into Bitcoin mining and its development of Bitcoin products this year, promising “mind blowing” investments which are yet to be announced alongside several new products.

It hasn’t been all gravy for Tether this year, however: in October, US lawmakers asked the Department of Justice to look into its use by Hamas to raise funds for terrorist activities, while questions have been raised over its wallet-freezing policy.

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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