TETHER CEO: "There is no competitor to the network we have established in 10 years"
Tether CEO Paolo Ardoino made statements against concerns about the competition in the Stablecoin market, drew attention to the company's growth strategy and wide distribution network for more than a decade.
Ardoino said that Tether follows a different approach from his competitors, especially unlike the investor capital and incentives of banks, he said that Tether finances himself through digital and physical networks.
As one of the world’s largest stablecoins in the world, Tether has a wide usage area on the market and is actively traded on many stock markets and platforms. However, due to regulatory pressures in Europe recently, USDT had to be removed from some large stock exchanges.
The European Union’s Crypto Assets Market regulations created an important challenge for Tether. These developments led to the lowest level of USDT’s market value to the lowest level of two years, and created some question marks about the company’s future stability.
However, Ardoino underlined that Tether has the capacity to deal with such difficulties.
In his speech at the Planb Forum in El Salvador, TETHER CEO stressed that the distribution networks built by the company for ten years have a much stronger and wider effect than the model of its competitors.
According to Ardoino, Tether’s strategy was shaped by having hundreds of thousands of partners on a global scale.
Ardoino continued to explain the power and effect of this network with examples, stating that Tether appeals to a wide audience in digital platforms and developing countries. Thanks to this strategy, Tether can provide financial services to 400 million users who do not have access to banking services in developing markets.
At this point, Ardoino’s statements about rival Stablecoins were also remarkable. TETHER CEO said that most of its competitors grew with the support of banks and these methods appeal to only a particular group of user groups.
In contrast, Tether said that by establishing physical kiosks in developing markets, it provides access to millions of users through digital platforms and serves a much wider customer base. Ardoino said Tether’s technology allows individuals around the world to easily reach digital assets.
These differences in Tether’s growth strategy continue to make it an important player in the Stablecoin market. Ardoino said Tether focused on a more robust floor than other stablecoins in the sector with this strategy and gained a competitive advantage.
These statements reveal not only the current situation of Tether on the market, but also the future goals and potential.