Tether(USDT) News: Tether CEO Highlights USDT’s Role in Maintaining Dollar Dominance

In a recent conference, Tether’s CEO emphasized the stablecoin’s significance in supporting the global dominance of the US dollar.

Tether CEO Touts USDT as Key US Ally in Maintaining Dollar’s Dominance

Tether CEO Paolo Ardoino argued that Tether is the “most important ally for the US” in maintaining the dollar’s dominance in the global economy. He made this statement during the Cantor Fitzgerald’s Global Technology Conference on March 12. Ardoino also noted that crypto companies want to copy Tether’s business models due to their profitability and excitement. He credited Tether and stablecoins’ growth to the US dollar and highlighted that Tether USD (USDT) is responsible for creating the stablecoin industry. Ardoino also mentioned the firm’s 13% user growth over the past quarter, reaching 400 million users worldwide. Additionally, Ardoino stated that Tether’s goal is to be the most transparent company in the world.

Crypto Trader Falls Victim to Sophisticated On-chain Heist

A crypto trader recently fell victim to a sophisticated on-chain heist attack, where $733,000 worth of USDC was swapped for only $19,000 USDT. The attacker, known as a crypto sandwich artist, used precise timing and transaction ordering to exploit technical vulnerabilities in trading systems. By taking advantage of automated market makers (AMMs) and the transparency of blockchain transactions, the artist executed the heist, leaving the trader with a fraction of their original funds. When a trader submits a large swap order, it enters the Ethereum mempool, a public holding area for pending transactions, where miners or validators pick them up to include in the next block. The blockchain’s transparency allowed the attacker to see and exploit this process.

Tether May Benefit from US Stablecoin Regulation

Tether could see significant benefits from the current US stablecoin regulation, according to Galaxy’s head of research Alex Thorn. The GENIUS Act could allow Tether to operate under flexible conditions and register onshore, but it’s not mandatory. If Tether chooses not to register, it won’t violate any laws, but there will be restrictions like interbank settlement prohibitions and not marketing its tokens as ’stablecoins’ within the US. Thorn noted that the first restriction isn’t currently a significant issue for Tether but could impact future institutional finance adoption.