Paolo Ardoino Takes the Stage at Cantor Fitzgerald Global Technology Conference
Attendees erupted in applause and cheers as Paolo Ardoino, the charismatic figurehead of one of the most influential companies in the cryptocurrency space, graced the stage at the Cantor Fitzgerald Global Technology Conference held in New York on Wednesday. Ardoino distinguished himself not by his wealth but by his unpretentious attire; while others donned sharp suits, he opted for a casual ensemble consisting of a light blue Ralph Lauren polo and gray khakis. This choice stood out, especially considering he likely has the deepest pockets in the room.
“This is my first trip to America,” Ardoino began, his enthusiasm palpable. “It’s beautiful. I feel very welcomed.” His sentiment resonated, especially given that Ardoino had previously steered clear of the U.S. for an extended period. The Italy-born computer scientist had primarily focused Tether’s operations on developing regions, emphasizing financial freedom as a core mission.
However, another factor may have influenced his absence: Tether has been under intense scrutiny from various industry leaders and U.S. regulatory bodies, including the Department of Justice (DOJ), the Commodities and Futures Trading Commission (CFTC), and the New York State Department of Financial Services (NYFSD). That narrative is shifting, though. Over the past week, Ardoino has embarked on a tour across the U.S., sharing glimpses of his journey on social media, including a photo of himself on the steps of the U.S. Capitol in Washington D.C. last Thursday. He also participated in a fireside chat with Strike CEO Jack Mallers during a Tuesday event organized by the Bitcoin Policy Institute.
Despite Tether’s reputation, Ardoino emphasized the company’s resilience. Tether, which operates with a lean team of only 150 employees across 50 countries, settled charges with the CFTC and addressed an inquiry from the NYDFS back in 2021. Nevertheless, reports of an ongoing investigation by the DOJ into the stablecoin issuer continue to surface.
“We’ve been through hell,” Ardoino candidly shared with the conference attendees. “People were saying that if I came to the U.S., I’d be arrested… They will try to scare you off.” He paused for emphasis, then added, “We’re still here, right?”
Following a comprehensive overview of Tether’s past achievements in the stablecoin sector — with reports claiming the company racked up a staggering $13 billion profit in 2024 and its stablecoin, USDT, commanding over 60% of the market share among stablecoins — Ardoino shifted focus to current and future projects. He spoke passionately about Tether’s initiatives in education, artificial intelligence (AI), and the tokenization of real-world assets (RWA). “The outlook for this year is wonderful as well,” he asserted confidently.
Ardoino’s U.S. visit coincided with a significant moment in the legislative landscape, as lawmakers are advancing regulations for the rapidly growing $200 billion stablecoin market. Tether currently leads this market with its $143 billion USDT cryptocurrency, followed by its U.S.-based competitor, Circle, which has a market capitalization of $58 billion for its USDC token.
While Tether operates as an offshore entity, having recently announced plans to establish its headquarters in El Salvador, it has multifaceted connections to the U.S. The firm stands as one of the largest purchasers of U.S. debt, holding nearly $100 billion in U.S. Treasuries and government-backed securities as reserves for its USDT token. If Tether were a nation, it would rank among the top 20 holders of U.S. debt. During a recent White House digital asset summit, Treasury Secretary Scott Bessent emphasized that stablecoins play a crucial role in maintaining the U.S. dollar’s status as the world’s dominant reserve currency — a sentiment Ardoino has echoed on multiple occasions.
Moreover, Tether has gained a powerful ally in the Trump administration through Commerce Secretary Howard Lutnick, the former CEO of Cantor Fitzgerald, the Wall Street investment firm managing Tether’s U.S. Treasury holdings. Reports from The Wall Street Journal indicate that Cantor is also an investor in Tether’s holding company, while Lutnick clarified during his confirmation hearing that Cantor holds Tether convertible bonds but does not possess an equity stake.
In an interview with CoinDesk last year, Ardoino revealed that the firm has onboarded various U.S. agencies, including the FBI and Secret Service, onto its platform to combat illicit activities effectively.
On the investment front, Tether made headlines by becoming a major shareholder with a remarkable $775 million investment in Rumble, a U.S.-listed video-sharing platform favored by conservative and right-wing audiences. With Tether’s backing, Rumble CEO Chris Pavloski has ambitious plans to introduce a crypto wallet and facilitate payments using USDT, Bitcoin (BTC), and Tether’s gold-backed token, XAUT. During Ardoino’s presentation on Wednesday, Pavloski repeatedly attempted to reach him while he was on stage, highlighting the close ties and collaborative efforts between Tether and Rumble.
