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The Chief Technology Officer at Tether and Bitfinex, Paolo Ardoino said that the company’s position as the most used stablecoin is not threatened by the rise in competition in the stablecoin market, and says it will continue to maintain its position.
Crypto Legal Tender in Lugano & What It Means
Tether Operations Limited declared its collaboration with the administration of the Swiss City of Lugano for Bitcoin(BTC), Tether (USDT), and LVGA Tokens (TLVGA) adoption as “de facto legal tender” in the area, in March.
Paolo revealed that the aim of the partnership is to improve the accessibility to financial services for the citizens of Lugano. Further, he said that the partnership also seeks to cut down on transaction fees for the citizens.
Paolo also explained what purpose the new forms of legal tender solve for citizens meanwhile also suggesting that it can take some time for crypto payment services to get integrated into the existing payment services.
He said that the city administration is working toward enabling citizens to pay taxes and other city services in Bitcoin, Tether, and LVGA. The tourist too can leverage these services using these currencies, Paolo added.
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Contrary to El Salvador where it is mandatory to accept BTC as a means of exchange for merchants, Paolo explains that the citizens of Lugano will be free to choose whether to accept or not any of the above-mentioned cryptocurrencies.
Paolo emphasized that giving merchants the liberty to choose is important and that things should not be forced on them.
On being asked if USDC’s market cap can surpass that of USDT as highlighted in a report, Paolo points out that Tether’s volume is exceedingly higher as compared to other stablecoins, saying even “on a bad day,” they are 10 times higher.
Paolo also dismissed rumors saying that people are inclining more toward USDC over USDT, because of the regulator’s controversial history in the U.S. He says Tether is completely transparent when it comes to dealing with regulations and directives from all regulatory bodies.
Are CBDCs A Threat To Stablecoins?
The future of the privately issued stablecoins seems unclear with the increase in the issuance of CBDCs by Central banks worldwide. On which, Paolo says he believes that CBDCs and privately issued stablecoins such as Tether can co-exist together.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
