Tether continued to rake in billions from its leading stablecoin. But, this year, it also invested more widely, in payments, telecoms, AI and bitcoin mining.

Dec 10, 2024, 2:03 p.m. UTC

Paolo Ardoino is the CEO and public face of stablecoin juggernaut Tether, which was as dominant a force in the crypto market this year as ever. The firm's flagship token USDT was the first and so far only stablecoin to surpass the $100 billion market capitalization mark, and boasts a 70% of market share of the rapidly growing asset class.

It's a money machine: the company raked in windfall profits on its $100 billion U.S. Treasury holdings backing USDT, putting it on the ranks of countries, such as Germany, among top U.S. government debt holders.

Stablecoins had a breakthrough year in 2024. But, under Ardoino's watch, Tether is already making bets for the next big thing. The firm turned its profits into venture capital investments across payments, telecommunications, artificial intelligence and bitcoin mining. It also made strides into the commodities trade finance world, and most recently, it unveiled a tokenization platform — another red-hot crypto trend.

While risk of a potential U.S. clampdown on the firm still lingers on, Ardoino found a powerful ally in Wall Street bond trading behemoth Cantor Fitzgerald and its veteran CEO Howard Lutnick (who is also on this list). Cantor Fitzgerald manages Tether's vast U.S. treasury bond stash, and Lutnick was instrumental in quieting the Tether FUD (fear, uncertainty, despair) saying that the company "has the money" behind USDT. Lutnick serves on Trump’s transition team and is nominated to be Commerce Secretary, meaning Tether now has a friend at the top table of the U.S. government.

CoinDesk sent Ardoino some questions after Ardoino was selected for Most Influential 2024. Below are his answers, lightly edited for brevity and clarity. What's your outlook for bitcoin and crypto in 2025?

I remain incredibly optimistic about the future of Bitcoin and the broader crypto ecosystem. Bitcoin continues to demonstrate its resilience as a store-of-value and a decentralized financial system. And, while we cannot predict the future, I believe its role as digital gold will only grow stronger, particularly in times of global economic uncertainty.

As for stablecoins, I am confident they will continue to be positioned as essential components of the digital economy, supporting finance, trading, tokenization, and the AI economy.

For the crypto industry as a whole, 2025 will likely see greater institutional adoption and innovative use cases emerging across sectors, with a deep focus on the Real World. Regulations around cryptocurrency are constantly evolving, and 2025 could bring stability and increase institutional adoption, potentially leading to long-term growth.

What was your biggest professional achievement this year?

Tether has expanded beyond stablecoins this year, emerging as a multifaceted innovator in the digital space. From launching Hadron to simplifying digital asset tokenization for real-world assets (RWA), to expanding into areas like trade finance and commodities, to continuing to fuel innovation in cutting-edge sectors like peer-to-peer telecommunications with Keet by Holepunch, artificial intelligence and neurotechnology.

We're working with full focus to build financial tools and technologies that empower people around the world to help them access solutions that are more reliable, scalable and resilient. We aim to build user experiences across all our products to promote disintermediation, resilience and independence.

What's your biggest lesson from this year?

The rapid growth of digital assets and increasing institutional adoption have made it clear that there’s a strong desire for the transparency, resilience, and security that blockchain technology offers. The growing demand for solutions like stablecoins and tokenized assets reaffirms the role Tether plays in building a more accessible and innovative financial system. It’s a powerful reminder that staying committed to user-focused innovation and compliance can drive meaningful transformation in the global economy, and we at Tether are thrilled to be playing that leading role for our industry.

What can we expect from the new U.S. administration in legislation and regulation of crypto?

We remain hopeful that the U.S. will take steps to catch up with the rest of the world in embracing clear and balanced regulatory frameworks for digital assets. While Tether does not have U.S. customers, we actively collaborate with U.S. law enforcement and regulators to stop bad actors from using stablecoin technology for illicit purposes and uphold the integrity of the digital assets ecosystem.

We believe thoughtful regulation can foster innovation while ensuring a safe and secure environment for all participants. While we welcome thoughtful regulation, we're concerned that some discussions in the U.S. could stifle the growth of the crypto industry. History shows that progress often comes from learning and adapting, not from banning new technologies. The U.S. has an opportunity to lead in this space, and we look forward to continuing our efforts to support global compliance and transparency.

This profile is part of CoinDesk's Most Influential 2024 package. For all of this year's nominees, click here.