The audience erupted into applause and cheers as Paolo Ardoino, the prominent figure representing one of the most significant companies in the crypto space, took the stage at the Cantor Fitzgerald Global Technology Conference in New York on Wednesday.
Ardoino distinguished himself not through his affluence but by his casual attire. While the majority opted for formal attire, he chose a relaxed outfit — a light blue Ralph Lauren polo paired with gray khakis, even though he likely had the most substantial wealth among attendees.
“This is my first visit to America,” he began. “It’s stunning. I feel incredibly welcomed.”
Indeed, Ardoino had previously stayed away from the U.S. The Italian-born computer scientist had primarily directed Tether’s focus on developing regions, promoting financial freedom as the main objective.
Part of the reason for his earlier absence might have been Tether’s entanglement in scrutiny from industry stakeholders and regulatory bodies in the U.S. This includes investigations by the Department of Justice (DOJ), the Commodities and Futures Trading Commission (CFTC), and the New York State Department of Financial Services (NYFSD).
However, Ardoino’s approach has shifted. He has been touring the U.S. throughout the past week, sharing photographs of himself on the steps of the U.S. Capitol in Washington D.C. on Thursday, along with participating in a fireside chat with Strike CEO Jack Mallers during an event hosted by the Bitcoin Policy Institute on Tuesday.
According to Ardoino, Tether operates with just 150 employees across 50 countries and resolved disputes with the CFTC and an inquiry by NYDFS back in 2021. Numerous reports indicate that the DOJ is still investigating the stablecoin issuer.
“We’ve been through a lot,” Ardoino conveyed to the conference attendees. “People said I would be arrested if I came to the U.S. … They tried to intimidate us.”
“But we’re still here, aren’t we?”
He followed this by outlining Tether’s prior accomplishments in the stablecoin sector, revealing that the company reportedly realized a $13 billion profit in 2024 and that its stablecoin, USDT, commands over 60% of the market share among stablecoins. Ardoino proceeded to share details on ongoing projects, including initiatives in education, artificial intelligence, and the tokenization of real-world assets (RWAs).
Ardoino’s visits to the U.S. come at a pivotal moment when U.S. lawmakers are advancing regulations for the $200 billion rapidly expanding stablecoin market. Tether currently leads this asset class with its $143 billion USDT cryptocurrency, with U.S.-based rival Circle holding a $58 billion market cap with its USDC token.
The firm ranks among the largest purchasers of U.S. debt, holding nearly $100 billion in U.S. Treasuries and government-backed securities as reserves for its USDT token. If it were considered a nation, it would rank among the top 20 holders of U.S. debt. Treasury Secretary Scott Bessent mentioned in a recent White House discussion on digital assets that stablecoins play a crucial role in safeguarding the U.S. dollar’s status as the leading reserve currency worldwide, a stance Ardoino has echoed on multiple occasions.
In addition, Tether secured a notable ally in the prior Trump administration through Commerce Secretary Howard Lutnick, who was once the CEO of Cantor Fitzgerald, the investment firm overseeing Tether’s U.S. Treasury investments. The Wall Street Journal reported that Cantor is also financially invested in Tether’s parent company, while Lutnick noted at his confirmation hearing that Cantor possesses Tether convertible bonds without having an equity stake.
In an interview last year, Ardoino noted that the firm has also collaborated with U.S. agencies like the FBI and Secret Service to help combat illegal activities.
On the investment front, Tether established itself as a prominent stakeholder with a $775 million investment in Rumble, a U.S.-listed video-sharing platform that has gained traction among conservative and right-leaning users. With Tether’s support, Rumble CEO Chris Pavloski is gearing up to launch a crypto wallet as well as facilitating payments with USDT, BTC, and Tether’s gold-backed token, XAUT.
Pavloski persistently reached out to Ardoino while he was speaking on stage on Wednesday.