Tether CEO: Helping 300 million unbanked people is our most important mission

Unlike other stablecoin issuers, Tether (USDT) is also focused on serving the unbanked. According to figures, there are more than 300 million people worldwide who do not have access to financial services.

With its stablecoin, Tether aims to help people protect themselves against the inflation of their local government coins.

The main focus of Tether

Paolo Ardoino, the new CEO of Tether, even claims in conversation with Cointelegraph that helping the unbanked is the company’s main focus. That may seem a bit exaggerated, but even if this statement were 10 percent true, it would be nice.

“USDT is a tool that helps people in places forgotten by the banking industry. These 300 million people are not interesting for the banking industry. These are fantastic people, but they cannot get a bank account because they are too poor to make money for the banks,” says Ardoino.

Due to the enormous inflation in many third world countries, people are forced to look for alternative forms of money. Bitcoin can be part of the solution, but Tether may work even better.

After all, it is expensive to send and receive Bitcoin, while this does not apply to Tether and people are therefore reasonably protected against inflation (via the US dollar). As an example, Ardoino cites Argentina, where the national currency lost 98 percent of its value against the US dollar.

Is Tether completely fair here?

Yet the question remains to what extent Tether is completely honest about its mission here. Of course it is nice that the company can help people in these types of countries in their fight against inflation, but do not forget that Tether rakes in billions in profits every year.

Tether now has a market cap of more than 100 billion dollars and thanks to the high interest rates on US government bonds, they earn enormously on this.

Due to the interest rate increases by the US central bank, these interest rates have risen to ~5 percent on an annual basis. With a market cap of $100 billion, this alone provides an annual income of approximately $5 billion.

At Tether they will secretly be more focused on that than helping the 300 million people without a bank account. But that still doesn’t change the fact that it’s great that Tether can help with this.

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