The Currency Analytics
By Maheen Hernandez
Tether (USDT) Creating Safe Environment for All Participants
Paolo Ardoino, CTO of Tether during the CryptoCompare Digital Asset Summit took back to the company’s history.
Further, Paolo Ardoino stated, you can build the infrastructure, but if you don’t have a way to settle trades at the same pace and same speed of the asset that you are trading…
Bitcoin, you can settle it every ten minutes. You can deposit and withdraw it in ten minutes from an exchange, but what happens, if the other part of the settlement takes…
Thus, the cryptocurrency or the stable coin was visualized to be one that will have the same speed of Bitcoin.
You wanted to ensure that almost all the trading venues have the same infrastructure. The same trading speed of course, but also use the same settlement mechanism.
One of the most important things in this idea was to ensure that the banks were going to be happy with the type of process being done.
Sydney Ifergan, the crypto expert tweeted: “ KYC, making banks happy, compliance with norms and making a safe environment for all participants in Tether, while moving money…
So, how we could do that. How that can be done technologically? So, at that time there was a main platform that was allowing the issuing of digital assets and it was called…
Then the other obvious choice was the choice of USD, as the main currency because all the major trading pairs were traded against the dollar.
So what was important for me and for us was that today everyone talks about stable coins and we get a standard. We have hundreds of questions every day.
Started with this group of visionaries that understood that it was a key problem in our industry and tried to solve that.