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DUBAI - Stablecoin Tether's recent growth is being driven by its use as an alternative to the U.S. dollar in emerging markets, rather than by demand for cryptocurrency trading, Tether CEO Paolo Ardoino told Reuters on Friday.
"We want to be the dollar for the last mile, for the unbanked," he said. Regulators have long warned about market risks from the adoption of crypto assets. The Bank for International Settlements said in a paper last year that crypto assets had amplified financial risks in developing economies, in contrast to their"illusory appeal of being a simple and quick solution for financial challenges".
Ardoino, who became CEO in December while keeping the interim role of chief technology officer, said the company was hiring more people and would have around 150 staff, from about 100 currently, as it expands into new areas such as AI.
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