‘Other flavors of Tether’ will bridge users to USDT: Paolo Ardoino
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Through a peso-backed stablecoin, Tether is basically “recreating forex markets with Tether products,” Ardoino said.
Tether’s decision to launch a new digital asset pegged to the Mexican peso will be a boon to crypto adoption in the Central American country by providing more onramps to the USDT stablecoin, according to Paolo Ardoino.
In an exclusive interview with Cointelegraph on the sidelines of the World Economic Forum summit, the Tether and Bitfinex chief technology officer said the reason he came to Davos was to showcase the utility of cryptocurrencies.
“I didn’t participate in Davos to meet CEOs of big banks,” he said. “We are here to send our message [that] there is a big world out there that needs crypto in a safe way.”
Tether CTO Paolo Ardoino said that the increase in crypto demand in the Latin America region pushed their decision to expand.
Tether has identified a growing demand for crypto and stablecoin products in Mexico, especially among businesses. To meet that demand, the company announced Thursday that it will launch a new peso-backed stablecoin on the Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks. Ardoino confirmed to Cointelegraph that “MXNT” pairs will begin trading on Bitfinex next week.
Describing USDT as a bridge to Bitcoin (BTC), Ardoino said he believes the dollar-pegged stablecoin will be successful in onboarding the next 2 billion crypto users. However, to bridge more people to USDT, his company must work with local banks by offering “other flavors of Tether.”
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