Tether's Paolo Ardoino Says USDT Stablecoin Issuer 'Went Through Hell', Gets Backing at Cantor Conference

Tether's Paolo Ardoino Says Stablecoin Issuer 'Went Through Hell', Gets Backing at Cantor Conference

Ardoino spoke at the Cantor Fitzgerald Global Technology Conference on Wednesday, marking his first visit to the United States.

Helen Brown, Christian Sandor | Edited by Nikhilesh De , 12 Mar 2025 21:37 UTC

What you need to know:

• Paolo Ardoino, a public figure behind crypto company Tether, received a warm welcome at the Cantor Fitzgerald Global Technology Conference in New York.
• “We’ve been through hell,” Ardoino told conference attendees, implying that Tether is under scrutiny from U.S. authorities. The company resolved claims from the CFTC and NYDFS in 2021.
• Despite being an offshore stablecoin issuer, Tether has a number of ties to the US, including being a major buyer of US debt, investing in video platform Rumble, having a close relationship with Cantor Fitzgerald, and working with US agencies like the FBI and Secret Service to combat criminal activity.

Attendees cheered and shouted “hooray” as Paolo Ardoino, the public figure behind arguably the most influential company in the cryptocurrency space, took the stage at the Cantor Fitzgerald Global Technology Conference in New York on Wednesday.

Ardoino stood out not because of his wealth, but because of his style of dress. While many chose outfits to impress, he opted for a relaxed look—a light blue Ralph Lauren polo and gray khakis—even though his pockets were probably the fullest in the room.

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“This is my first trip to America,” he began. “It's very beautiful here. I feel very welcome.”

Ardoino has indeed avoided the country for a long time. The Italian computer scientist has until recently focused Tether's efforts primarily on emerging markets in pursuit of financial freedom.

Another reason may be that Tether has been under scrutiny for some time by industry officials and US authorities, including the Department of Justice (DOJ), the Commodity and Futures Trading Commission (CFTC), and the New York State Department of Financial Services (NYFSD).

But that has all changed. Ardoino has been touring the U.S. this past week, posting photos on the steps of the U.S. Capitol building in Washington on Thursday and engaging in a fireside chat with Strike CEO Jack Mallers at an event hosted by the Bitcoin Policy Institute on Tuesday.

The company, which Ardoino says is run by just 150 employees in 50 countries, settled charges with the CFTC and an NYDFS investigation in 2021. There have also been multiple reports in recent years of an ongoing Justice Department investigation into the stablecoin issuer.

“We've been through hell,” Ardoino told the conference. “People said if I came to the U.S., they would arrest me… They would try to intimidate you.”

“We're still here, right?”

After a brief overview of Tether's previous achievements in the stablecoin business (the company reportedly made $13 billion in revenue in 2024, and its USDT stablecoin holds over 60% of the stablecoin market share), Ardoino went on to talk about the current projects the company is working on, including initiatives in education, artificial intelligence, and real-world asset tokenization (RWA).

“The prospects for this year are also impressive,” he noted.

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