#ardoino

[alexjuventino]

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[metablog2023]

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[howtoinvestinnftcrypto]

Tether ‘welcomes’ PayPal’s PYUSD stablecoin to the market, says CTO Paolo Ardoino

Tether ‘welcomes’ PayPal’s PYUSD stablecoin to the market, says CTO Paolo Ardoino

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Paolo Ardoino, CTO of Tether (USDT), said in an Aug. 8 statement shared with CryptoSlate that he welcomed PayPal’s entrance into the stablecoin industry.

Ardoino said PayPal’s foray into the field would enhance the overall growth of the ecosystem as it would drive competing firms to develop solutions that would further boost adoption and innovation.

The Tether CTO added:

Each project strives to differentiate itself by providing unique benefits to users, driving innovation and providing users with more choices and control over their transactions. Fostering competition allows a healthy and diverse market environment.

Ardoino’s perspective resonates with a sentiment echoed by Jeremy Allaire, CEO of Circle and issuer of the USDC stablecoin. Allaire pointed out that PayPal’s foray into the stablecoin field shows how the space would benefit from improved regulatory oversight.

According to on-chain data, 26.9 million of the newly launched PYUSD have been issued to only eight holders, with Paxos and an address (0x264bd8) holding 99% of the stablecoin’s total supply.

Addresses FUD concerns about USDT onboarding

In an Aug. 7 tweet, Ardoino explained why Tether’s onboarding process required strict anti-money laundering and know-your-customer process.

According to him, Tether has banking-grade standards that require users to provide information like “source of funds” and others to avoid putting all its users at risk.

He further stated that Tether is a centralized stablecoin using decentralized transport layers (aka blockchains) and is very different from a decentralized asset like Bitcoin (BTC). He added:

“When you redeem USDt, it means you want to have FIAT back, ie. interact on the banking layer, hence you have to comply with the FIAT system rules.”

However, despite these strict processes, Ardoino noted that the firm was still processing redemptions, revealing that it redeemed around $325 million worth of the assets on Aug. 7

Tether’s USDT is the largest stablecoin by market cap, controlling more than 60% of the entire market, according to CryptoSlate’s data.

The post Tether ‘welcomes’ PayPal’s PYUSD stablecoin to the market, says CTO Paolo Ardoino appeared first on CryptoSlate.

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Stablecoin News

[howtoinvestinnftcrypto]

‘If You’re Selling BTC for Something, Sell it for Gold Instead of USD’, Says Tether CTO Paolo Ardoino

‘If You’re Selling BTC for Something, Sell it for Gold Instead of USD’, Says Tether CTO Paolo Ardoino

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Paolo Ardoino. Source: CNBC International TV / YouTube

In an insightful conversation with Cryptonews, Paolo Ardoino, the CTO of both Tether and Bitfinex, shed light on crucial topics relating to the crypto world.

The dialogue navigated the volatile waters of inflation, the allure of gold as a tangible asset, and the growing fascination with digital gold – Bitcoin. 

Ardoino also explained Tether’s novel approach toward global transactions and the role of their unique digital gold model.

Let’s dive in.

Central Banks Printed 30% of all USD in Circulation in Three Years

As inflation escalates and national currencies depreciate, “the only lifeline to have something tangible in your portfolio is gold,” according to Ardoino.

This ancient safe haven asset is finding parallels with its digital counterpart, Bitcoin (BTC).

The COVID-19 pandemic and subsequent economic stimulus have inflated global economies, as a result of central banks‘ mass money printing. 

In fact, a whopping 30% of all USD in circulation was printed in the past three years, Ardoino noted to Cryptonews.com.

Countries like Turkey and Argentina are bearing the brunt of this trend, grappling with severe currency devaluations.

In response, central banks are pivoting to secure assets like gold and, to a lesser extent, Bitcoin.

Gold and Bitcoin as Safe Assets

Both gold and Bitcoin are seen as scarce, hard-to-extract assets, making them attractive, safe assets.

While central banks have a long history of using gold as a reserve asset, Bitcoin remains less understood, and is harder for these institutions to integrate.

“So what they do in this case is go out and try to buy the safest asset that they can hold in their portfolios, and that is gold.”

The shared characteristics of gold and Bitcoin include their scarcity, as well as the extraction difficulty and the cost of their production.

The largest gold buyers are in Asia, said Ardoino, with China and India leading the way.

“I love the fact that there is a deep connection between gold and digital gold, Bitcoin.”

However, Ardoino stressed,

“I always try to make the point that Tether Gold is not competing with Bitcoin but with dollars. I personally think that Bitcoin is much better than gold.”

Yet, the reality is that Bitcoin needs a currency to trade against. 

“So if you are selling your Bitcoin for something else, in my opinion, selling it for gold is better than selling it for dollars.”

The Shift Toward Digital Gold

Globally, several countries have started seeking an alternative to the US dollar for settling transactions.

Yet, accepting foreign currencies for international trade introduces the risk of inflation exposure.

Gold may be the solution. It is “the only currency that can be understood and could be the common denominator,” Tether CTO said.

As physical gold is challenging to move and use in transactions, digital gold is seen as a more practical option.

Stablecoin-issuer, Tether, has created a model for digital gold, called Tether Gold, that Ardoino believes other countries and organizations could replicate for international trade.

“We believe that this solution can potentially even outgrow USDT.”

Tether targeted the crypto industry first with its digital gold, as this sector is best positioned to grasp its purpose.

Now, the company is also in talks with hedge funds looking to add Tether Gold to their portfolios.

Tether Gold is designed to play a pivotal role in decentralized finance (DeFi), Ardoino explained. It would reduce the dependency on USD in lending and borrowing.

Thus, he posited, gold trumps fiat currency as a superior DeFi asset.

Regulatory Hurdles and Security Measures

On top of regulation, Tether Gold’s focus is on security and validating the gold that underpins the digital tokens.

One key security measure is ensuring that the physical gold is stashed in the world’s safest location.

Switzerland, renowned for its trustworthiness and neutrality, is the perfect repository for this gold, being an “agnostic” nation, Ardoino suggested.

A comprehensive audit is another crucial step. This entails more than just weighing the gold; sophisticated tools must measure other parameters, including density.

With the physical and auditing aspects covered, attention then shifts to regulatory matters.

On the regulatory front, Ardoino confirmed that Tether is collaborating with global regulators to secure licenses and expand.

In this evolving landscape of Fintech and crypto, the fusion of traditional assets like gold with blockchain technology demonstrates an exciting potential. 

As Tether continues to pioneer this new frontier, the world watches, ready to navigate the uncharted territories of digital gold.

____

Learn more:

– Tether Announces Q1 Profit of $1.48 Billion and Discloses Bitcoin, Gold Reserves – Tether Stablecoin Recoups Lost Market Value in 2022 Crash, Topping $83.2 Billion

– Tether Plans Bitcoin Mining in Uruguay – Tether Plans 15% of Its Net Profits Into Bitcoin in Move of Confidence

– What is DeFi? Decentralized Finance Explained – What Is Bitcoin?

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Altcoin News

[howtoinvestinnftcrypto]

The vision of Tether’s Paolo Ardoino: cypherpunk ideals, regulation and the future of bitcoin

The vision of Tether’s Paolo Ardoino: cypherpunk ideals, regulation and the future of bitcoin

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In an unique interview with crypto-news.se, Paolo Ardoino, main technologies officer at Bitfinex and Tether, furnished a interesting perception into his journey in the cryptocurrency marketplace, his ideas on regulation, and the purpose of bitcoin in the long run.

Journey into crypto

Ardoino, a lifelong developer, obtained included in the cryptocurrency marketplace following identifying bitcoin (BTC) as a opportunity ledger alternative to outdated and bug-ridden fiscal technological innovation.

Starting his journey with Bitfinex in 2014, he labored on enhancing their bitcoin investing system ahead of transitioning to his recent position as the CTO of Tether in 2017. This situation led to his involvement in increasing various company traces inside of the firm.

Ardoino views coding as a lot more than just a technological endeavor to him, it is a inventive method via which suggestions can be brought to life.

The cypherpunk ethos and tether’s job

Throughout the 2022 PlanB forum in Lugano, Italy, Ardoino, alongside Adam Beck and Nick Szabo, explored the evolving notion of the cypherpunk motion. The panelists agreed on the graphic of cypherpunks as “rebels opposing systemic control by an elite,” arguing that technology and cryptography provide “alternative signifies for people to interact and keep management of their money.”

Despite shifting perceptions owing to popular adoption and speculation, the panel agreed that the cypherpunk ethos remains alive and sturdy. Ardoino explained that Tether is focused to preserving this ethos by investing in bitcoin growth.

Improved regulation

When asked about what form of regulation is wanted in the business right now, Ardoino shared that, in his perspective, “good regulation is the a single that recognize the technological know-how and the just one that wants to actually defend the shopper.”

He emphasized the worth of open up-supply tech and named for regulators to make distinctions between useful and destructive tasks. He urged regulators to emphasis on present fiscal constructions alternatively than reactively focusing on cryptocurrencies.

“In the very last two many years, I’ve been in excellent call with regulators that are 100% fascinated in building a safe natural environment for cryptocurrencies and blockchain technologies to thrive,” Tether’s chief technological know-how officer uncovered.

Scalability, illicit use, and the increase of bitcoin costs

Ardoino also mentioned Tether’s exploration of scalability solutions, like the Lightning Community, and how bitcoin’s transparency can support in monitoring illicit use. He believes that when working with regulators is crucial to prevent reputational harm by affiliation, providers really should also devote in bitcoin improvement to prevent potential slowdowns in bitcoin adoption.

Addressing the current increase in bitcoin service fees brought about mostly by Ordinals Inscription, Ardoino considers this a wake-up contact for exchanges to undertake methods these as Lightning Community and the Liquid sidechain: “As bitcoin’s reputation surges, the network demands to evolve to make sure scalability and maintain affordable transaction expenditures.”

When Ardoino admitted that he does not personally like Ordinals, he also acknowledged them as an intriguing application of blockchains, albeit initially used as a “trolling system.”

However, he emphasised that there isn’t essentially a excellent or undesirable way to use blockchain engineering. Inspite of his preference for fewer overhead, lowered house use, and decreased fees for people, he suggested that it is unachievable to command how bitcoin and block space are used. “In the conclusion, we are unable to manage how bitcoin and the block area are applied,” Ardoino concluded. He also pointed out that attempts to restrict the utilization of any technological know-how historically have not ended properly.

Central financial institution digital currencies and the job of tether

Ardoino shared his views on central financial institution digital currencies (CBDCs), stating that although they could be harmful if made use of by the point out as leverage towards citizens, these kinds of situations are not likely in locations like the US or Europe. He argued that CBDCs could bridge the gap in the utility of crypto for payments, but central banking institutions would tread carefully owing to the opportunity affect on the classic banking industry.

Tether’s (USDT) industry cap has been on the rise, which Ardoino attributes to the company’s liquid portfolio, danger management tactics, transparency, and purchaser protection. He also spoke about the criticism Tether confronted in its early times, with rumors of insufficient backing or market place manipulation. Nonetheless, right after numerous attestations purportedly proving that its reserves are at this time fully collateralized and having redeemed 25% of its reserves in just 20 times, Tether seems to have enhanced its position in the sector, he pointed out.

Bitcoin: the forex of the world wide web

Ardoino highlighted bitcoin’s disruptive probable, pointing out the challenges politicians deal with hoping to control it. China’s recent unsuccessful attempts to regulate bitcoin mining additional illustrate this place, marking bitcoin’s emergence as the forex of the internet. Bitcoin’s hashrate momentarily fell, but the identical ASICs appeared to have returned to action somewhere else briefly afterward, as proven by the hashrate’s fast restoration.

In accordance to Ardoino, bitcoin’s decentralized nature overcomes regular monetary difficulties, this sort of as the potential of central banks and politicians to print funds at will. He sees bitcoin as a new kind of digital gold that eliminates ability from politics and generates a degree actively playing area for building new economies. It’s a universal forex that transcends borders, is accessible to absolutely everyone, and is outside of anyone’s control. This degree of economic liberty is unprecedented in human background.

Tether’s aims and the potential of bitcoin

Ardoino also discussed the evolution in crypto culture from early cypherpunk beliefs to a extra regulatory-pleasant stance. He sees this change as a reflection of society’s increasing acceptance and adoption of bitcoin.

Tether’s shorter-time period goal, in accordance to Ardoino, is concentrated on education and learning and the security of its stablecoin. The lengthy-expression plans involve investing in Bitcoin technology, advertising sustainable bitcoin mining, and supporting open money and communication infrastructure in developing nations. The organization is also dedicated to championing freedom of speech and open up-resource technologies, as mirrored in their assignments like Hole Punch and investments in open-source components wallets.

While other stablecoins like BUSD deal with lawful scrutiny, Tether maintains its stablecoin is not a safety and is regarded as a commodity by the US Commodity Futures Buying and selling Commission (CFTC).

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