Paolo Ardoino, CEO of Stablecoin from Tether, said that industry had just entered a new era, marked by an influx of stablecoin solutions to private companies and governments.
In a Thread X of March 27, Ardoino said that cryptographic industry had just entered the “multiverse stablecoin” era, where several stablecoins launched to meet growing global demand.
Source: Paolo Adroino
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Not everyone agrees with the evaluation
However, Slava Demchuk, CEO of the Crypto AMLBOT Crypto compliance firm, told Cintelegraph to disagree “with the premise that there are hundreds of stablescoins launched by companies and governments”.
He said that statements are an exaggeration and stressed that “the launch of a stablecoin is a complex and high-intensity process”, made even more involved by the European Union markets in Crypto-Astets (MICA) networks:
“Mica, for example, imposes strict requirements – in particular prudential requirements such as capital reserves, liquidity buffers and robust governance structures – that all companies cannot easily meet.”
On the other hand, Demchuk noted that a growth in the number of stablescoins poses challenges and risks. He stressed that the regulatory differences between the courts are a problem with the Mica which gives clarity in the EU while the American market is still under debate, leading to a “patchwork of rules”.
He warned that such risks of inconsistency pushing businesses to less regulated markets. The consequence of such an exodus would be for consumer protection efforts to be undermined.
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Ardoino expects rapid growth
In a later post X, Ardoino said Tether currently had 400 million users worldwide, adding that it expects this number to reach a billion soon. It attributes rapid growth to a different approach from that of the actors of traditional finance:
“We have always focused on the adoption of zero, working in the streets, among other people, while traditional finance looked at us from their ivory tricks.”
Vasily Vidmanov, the head of the exploitation of the Purefi decentralized finance conformity protocol, told Cointelegraph that Ardoine’s forecasts “are interesting but not entirely realistic”. He cited “the recent demarcation of the USDT in the EU”, noting that it “has shown that the resolution of the regulation is futile – the adaptation and the new approaches to decentralization are necessary.”
The comments refer to the USDT of Tether (USDT) canceled for European users based on the economic fields of Binance, Crypto.com, Kraken and Coinbase. An attachment spokesperson told Cintelegraph that the company had found disappointing actions.
Vidmanov explained that the data concerning the exchanges between the USDT and the competing USDC of Circle (USDC) “indicate a significant increase […] After radiation. He also expressed his concerns concerning the company’s reputation and “the investigations underway in the United States linked to the compliance of sanctions and the laundering of the anti-Arone”.
USDT / USDC exchange number. Source: Dune
The American authorities would investigate the third user of the stablescoins of Tether for criminal activities.
Ardoino has already commented on these statements when they surfaced at the end of October 2024, calling “old noise” history. However, according to Vidmanov, with all these challenges, “the realization of the figures planned for the coming to two years seems unlikely unless there are significant changes in global policy and a substantial influx of new users from under-print cryptographic markets.”
Tether and Paolo Ardoino had not responded to Cointelegraph’s request in publication.
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