00:00Actually, the stablecoin industry and USDT in the specific is the best ally for the US dollar to increase its hegemony.
00:08We operate in Africa, we operate in Southeast Asia, we operate in Central South America.
00:13In all these parts of the world, the BRICS countries and China are pushing for the de-dollarization of these areas.
00:22And on the other side, USDT is a digital dollar and it's bringing the digital dollar to hundreds of millions of people that were not touched by the dollar before.
00:31So the work that Tether has been doing for the last 10 years is extremely fundamental for the leadership of the US dollar going forward as well.
00:39Paolo, on the one hand, it's a boon to the industry that the Genius Act has passed.
00:44On the other hand, it's now open season.
00:45You have everyone from banks to American Express to some of the payment companies that aren't American Express wanting to maybe launch their own stablecoin.
00:54So how does this land grab go from here?
00:57You're currently number one, followed fairly closely by Circle.
01:00How do you guys stay ahead?
01:03Well, I think that all these competitors that you named will focus on the United States and Europe probably as the markets where they are already in.
01:13The reason why USDT has been successful is because all the companies that you mentioned never wanted to touch the poor people living in the merchant markets in developing countries.
01:24That is much hard work.
01:26It requires having boots on the ground.
01:27It requires having to build infrastructure from the ground up.
01:31That is something that Tether has done incredibly well for the last 10 years.
01:35And so it's going to be very, very hard to displace us in these areas, in these markets.
01:39Of course, they can compete and be probably maybe, maybe better than us in the short term in the United States just because it's a new market for us.
01:48But we have a better technology.
01:50We have a much better understanding of this market than anyone else.
01:52We have a better understanding of this market.
Be the first to comment