stable coins
By Bruce Buterin
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Treasury Bonds vs. Fractional Reserves. The reserve argument is where things get genuinely interesting.
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USDT's Role in Emerging Markets. Ardoino also made the case for USDT's footprint in emerging markets, where the token has become a…
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What the BIS Gets Right — and Wrong. It's not that the BIS concerns are baseless. Interoperability between different stablecoin systems…
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Tether wants a fight. The company is pushing back hard against the Bank for International Settlements, and it's using a $183 billion market cap as its opening argument.
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Paolo Ardoino, Tether's CEO, went after recent remarks by BIS General Manager Pablo Hernandez de Cos, who raised concerns about stablecoins — specifically around convertibility,…
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The reserve argument is where things get genuinely interesting. Tether's model leans on full backing from U.S.
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And it's worth noting that the BIS isn't some fringe voice here. It's the central bank for central banks, and when it raises concerns about stablecoins, regulators across Asia,…
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Ardoino also made the case for USDT's footprint in emerging markets, where the token has become a practical tool for both domestic transactions and cross-border exchange.
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Stablecoin adoption across parts of Africa, Southeast Asia, and Latin America has grown sharply in recent years. Tether benefits from that trend more than any other issuer.
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See also: BIS Chief Calls Stablecoins Unfit for Payments, Advocates Tokenized Deposits Instead
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The CLARITY Act adds another wrinkle. Ardoino raised the possibility that stablecoins could pull savings away from traditional bank deposits — especially if crypto platforms…
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It's not that the BIS concerns are baseless. Interoperability between different stablecoin systems and traditional payment rails is still messy.
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But Ardoino's broader point — that a Treasury-backed model is structurally sounder than a fractional reserve one — isn't easy to dismiss.
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The gap between these two camps isn't narrowing. BIS wants tokenized deposits because they fit inside the existing system.
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Tether's market cap sits at $183 billion.
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