“The vibrant community powering the space is one of the most active I’ve seen in Latin America,” Tether CTO said.

In an interview conducted by Cointelegraph en Español, Tether CTO Paolo Ardoinosharehe is rightcryptocurrency,latin americaas well asecosystemofSupervisionas well asFTXview of what happened。

Pedro Justicia (PJ): You've been to El Salvador. Is there more use of cryptocurrency out there now or is it just marketing?

Paolo Ardoino (Pennsylvania): A few weeks ago, I visited for the first timeEl Salvadorbitcoinbitcointechnologytechnologyeducateeducatecan only speed up the process and help empower the people of the country toFinancial statusMake an informed decision. Bitcoin is used asDollarAs an option, it will take a few years to be adopted, which is completely normal. The only thing we can do is continue to build the infrastructure and support to make the user experience smoother.

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PJ: How do you see the cryptocurrency scene in Latin America?

PA: Latin America is a fascinating region for the crypto ecosystem. The vibrant community that powers the space is one of the most vibrant I've seen. In Latin America, cryptocurrencies are very popular, especially in countries whose populations are experiencing devaluation of their national currencies. They are used across a wide range of ages and occupations in these countries. at highinflationTether's unique properties make it the foundation of a new financial system, paving the way for other cryptocurrencies, amid continued devaluation of local and local currencies. It is the most widely used crypto asset in the region and its main use cases aremoney transfer. Since a large proportion of Latin Americans live abroad, remittances in and out of the borderThe market has experienced exponential growth.But Tether’s use cases in the region don’t stop there. USDT inpeer to peerto payto payWay.Financial freedom tools like USDT give Latin Americans access to truly global markets and free them from local liquidityblack marketVery restrictive, resulting in high premiums.with local bankUnlike accounts, it also allows them to store value that cannot be captured by any government or corporation. USDT is being used as a lifeline for many people around the world, especially in developing countries. Stablecoins have the ability to cope in the worldeconomyAll currencies in circulation. For example, they challengePlagued by inflation problems in emerging countriesgovernmentSupport the legitimacy of fiat currencies, provide access to the encrypted economy, and beA disruptive catalyst for the credit card industry.as we know. "

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PJ: USDT is generally a stablecoin that has been criticized for various reasons, but Tether has always maintained that there is no problem. What are the advantages of USDT?

assetsassetsinvestinvest(accounting for 82% of total assets)cash holdingsand other cash equivalents in short-term deposits.we are in transparencyContinuing to lead the industry in terms of Tether, our quarterly certification of assurance is provided by BDO, one of the top five independent public accounting firms in the world, certifying that all Tether tokens are fully backed and retained. These reserves have also been stress tested. What's more, we have never refused a customer redemption. Tether is popular, liquid, reliable and transparent.

PJ: Do you think the FTX case will happen again with other companies? Ecosystem reshuffle is coming soon?

PA: I can't comment on what might happen to other companies that I'm not involved with. However, I believe this situation of many people losing all their savings presents an opportunity for companies to educate their customers and provide more transparency. . For our part, we have proven time and time again that Tether is designed to withstand the incredible volatility of the cryptocurrency market. Tether does not engage in any leveraged activities, leveraged transactions, or collateralized loans against Tether reserves. Our proposal is simple: all Tether tokens are pegged one-to-one to an equivalent fiat currency and backed 100% by the Tether Reserve. Our reserve values ​​are published daily and updated at least once a day. I also believe that this situation will act as a catalyst for further regulation. Tether supports a flexible and risk-based approach to payments-related stablecoin regulation, not only keeping up with new regulations, it helps shape them, helping law enforcement and regulators around the world. The company is committed to being a positive force in this space.

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PJ: Some people believe that the FTX incident would not have happened if there had been stricter regulation. Does this actually have anything to do with it?

PA: Of course, we believe regulation is necessary and we actively work with regulators around the world. We are committed to operating safely and transparently, in compliance with all applicable laws and regulations. In fact, we're continually working with regulators and law enforcement around the world to help them with their investigations. However, with this crisis of trust looming over the entire ecosystem, it is important not to lose sight of the fact that we are currently in a situation where there may be a risk of over-regulation. Tether is also the only company that is not exposed to certain market issues because we take risk management very seriously.

PJ: Is decentralization important?

PA: Yes, of course, decentralization is a key concept, especially for Bitcoin, the first widely adopted cryptocurrency and perhaps the only one that can be considered truly decentralized. The essence of a peer-to-peer financial ecosystem like Bitcoin is that it does not rely on intermediaries to facilitate liquidity or transactions, and by definition, the more decentralized it is, the better. But decentralization is not limited to Bitcoin. For example, we are working on decentralizing peer-to-peer communication with our recent project Holepunch. Holepunch is a platform for developing fully encrypted peer-to-peer applications.

PJ: Is Bitcoin really the only decentralized cryptocurrency?

PA: Bitcoin is the big one, the rest are more of a blip. Since Bitcoin is a truly decentralized blockchain, value can be transferred across time and space without trusting a third party. You don't need to trust government agencies, private companies or individuals. This has never happened before in human history. Bitcoin invented a mechanism in which all participants can agree on a single fact without any general authority and without mutual knowledge or trust. The potential is huge because you only need to have an account to participate in the network, and unlike banks, there are no maintenance costs for users. This has helped economic growth in places like Latin America and is a beacon of hope for financial freedom around the world.