Tether CEO Straightforwardly States: Tether is More Stable Than Banks, Which is Why the Media Doesn't Broadcast It
According to @paoloardoino, the Tether CEO, he gave a media interview but was disappointed that it was taken out of context. He stated that many key points were discussed in the interview, but almost all of them were cut out.
I explained what Tether USDT is and how it helps over 400 million people worldwide who have been abandoned by the traditional financial system. These people live in countries with extremely high inflation, where the local currency is almost unusable, such as Turkey and Argentina. For these people, our company is not just a tool, but their "only anchor" for a stable life.
1⃣ What is Tether USDT? It is a stablecoin, the only "stable currency" that many people can access. It is very important to over 400 million people worldwide who are excluded from the mainstream financial system, especially those living in high-inflation countries such as Turkey and Argentina.
2⃣ Is Tether More Stable Than Banks? Tether is over-collateralized, meaning we hold more reserves than the USDT we issue. In contrast, traditional banks? They operate on a "fractional reserve system," where 90% of deposits have already been lent out, which led to the Silicon Valley Bank and Credit Suisse incidents.
3⃣ Our Reserves are Transparent. We disclose our reserve situation every quarter, with independent verification by the American institution Cantor Fitzgerald. Although everyone is waiting for the audit, we are working towards that direction. Silicon Valley Bank was also audited, but what was the result? So transparency > buzzword.
4⃣ Why Did We Withdraw from Europe? Not because of the audit, but because the MiCA regulations themselves are problematic and would threaten the stability of the European banking system. In the end, we chose to protect users, those who rely on Tether for their daily lives, rather than being restricted by regulations and losing service.