On and Beyond Tether - Paolo Ardoino

Just a currency but it's more than a currency is an idea it's what actually Plan B stands for we want to not think about just a finite currency as Bitcoin as the end goal of this journey but we want to think about how the teachings of Bitcoin can be replicated in tech from artificial intelligence telecommunications education and so on so that's why with Tether we start expanding our investment in different areas in the last two years we made 12 billion dollars in profits and we distributed almost very small amount of money out of those profits because we want to keep the majority of these profits in the company to keep investing in areas where there's too much intermediation like success of USDT as a currency as well right is the fact that it's helping to disintermediate financial transactions and help people to be their own bank right have their own checking accounts almost 400 million people now are using Tether on a daily basis as their checking account and savings account people that never had that opportunity before right there are 3 billion people in the world that don't have bank accounts that are unbanked because they are not bad people they are just too poor for being of interest of the banks because they don't generate enough fees so what USDT did really well is remove intermediaries from the equation and go directly to the last mile but we can do the same thing with education we can do the same thing with telecommunication there are too many intermediaries all the data centers all the big tech companies they're all intermediaries most of the time unnecessary intermediaries in the equation and so we think that with the teachings of Bitcoin and what we learn from USDT we can do the same in other

So I'm thinking like AI agent rather than humans increasingly driving rapidity and also decision making in global collateral it will be part of my speech today at 4 p.m. it's stop together I'm actually just going to describe that in my opinion in the next 10 years given the amount of transactions that human beings will do on a daily basis AI agents robots bots will do at least 100 times more transactions on a daily basis than humans you have self-driving cars that will go around they can pay themselves for recharging electricity pay the tolls you have fridges buying already today your own if you finish the milk they will buy milk or you have lights that are paying for their own electricity so that will be all digital all those payments will be very very high frequency I think the future is giving to all agents non-custodial wallets with USDT and Bitcoin potentially to have them being part of the economy and be able to transact and pay each other directly so I don't think the future is having them and imagine if all these agents like billions and billions and billions of agents do you think that they will be connected to PayPal or do you think that they can be or they should have a self-custodial wallet so that their masters that should be actually the humans can grant them some money and they can spend it through their conditions in the real world economy

Yes yeah the short answer is yes because I think it's clear how well you already did it you know the cash in emerging markets is cash based on the local currency or is cash US dollars so there are these two types of cash but cashing US dollars is more and more difficult over time it's always harder and harder for people to get cash dollars and no one wants cash in their own currency local currency because that is devaluating very fast against the dollar so that's why everyone is like 400 million people already discovered USDT and they're using USDT in their day-to-day lives for that exact reason

So definitely this broader topic on the US dollar hegemony right so but keep in mind that we recently announced UA stable coin and we believe in the optionality people should use what they're more comfortable with what they prefer I think that among all the currencies in the world UA is doing a fantastic job to retain wealth to grow wealth and so then they have very very little debt look at the $36 trillion of debt that US have and look at how much debt UA has almost nothing there's like few hundred maybe few billion not even others so that for that reason I think that having a stable coin with the UADM is a game changer

So first of all I'm excited to see that the US finally Bitcoin is part of the global discussion also political discussion so we could say as a community we can say we made it right so we fought for so many years to get to this point and now we are at that point right there is an option if Bitcoin is part of a crucial part of the political agenda means that we made it as an industry we were successful in making us understood by the most important institutions in the world also this year there was the ETF and so I hope that the US will because the world is looking at the US as kind of the place for sensible regulations on new technologies and historically the US has been precursor of every single technology so I think that whoever will win in this election I think that will be a net positive