Tether CEO Paolo Ardoino addressed the discussions surrounding USDT and the Tron network in his statement. Here are the specifics.
Paolo Ardoino, the CEO of Tether (USDT), the leading stablecoin company globally, released a statement concerning the utilization of USDT, which has occasionally faced criticism, primarily within the Tron (TRX) network.
Ardoino credits the low transaction fees on the Tron network for the substantial number of individuals using it to transfer USDT.
Ardoino referred to “Blockchain Y” in his statement as a way to generalize and avoid specifically mentioning the Tron network, suggesting that any network could fulfill this role. While other sectors of the cryptocurrency industry focus on scalability and prioritize DeFi and memecoins on “Blockchain Z,” Ardoino forecasts that “Blockchain Y” will serve as a cost-effective payment solution in emerging markets and developing nations. He contends that it is the sole affordable and swift payment option for individuals unable to afford high transaction fees, particularly for mobile phone usage, as opposed to paying $5.
According to the executive, tens of thousands of Payment Service Providers (PSPs) have invested significant resources in integrating Blockchain Y, capitalizing on a first-mover advantage. Ardoino highlighted the complexity for payments companies in selecting from numerous Layer 2 solutions atop Blockchain Z and stressed the importance of timing and focus. Additionally, Ardoino clarified that Tether remains neutral towards blockchains, supporting various ones as transport layers for USDt and other tokens, with users determining the most suitable option based on support, speed, and cost.
