Paolo Ardoino Reflects on Tether's Growth
Tether CEO Paolo Ardoino recently took a moment to look back on the journey of the company and celebrate its current achievements. In a post on X, Ardoino expressed his delight in Tether's USDT stablecoin reaching an impressive $91.5 billion market cap across multiple blockchains. He also highlighted the company's excess reserves of $4 billion and its diverse portfolio of investments in mining, energy, and artificial intelligence (AI).
The Evolution of Tether
Paolo Ardoino, the CEO of Tether, the company responsible for issuing USDT, emphasized the significant growth and impact that the company has had on millions of people, particularly in emerging markets and developing countries.
Ardoino acknowledged the company's transformation and growth in recent years, stating:
"Tether has evolved. We have listened to our community, learned, and improved. It's an ongoing process. No company can exist without facing challenges. Nevertheless, our team remained focused and determined, persevering through the toughest times."
Ardoino also celebrated the achievement of USDT surpassing a market cap of $95.4 billion, solidifying its position as the largest stablecoin in the cryptocurrency market. He highlighted that the company holds $4 billion in excess reserves, which are separate from the reserves backing the USDT available on the market.
Expanding into New Frontiers
Tether has not been complacent with its success. The company has been actively investing in various initiatives, including mining, renewable energy, development platforms, and artificial intelligence (AI). Ardoino specifically mentioned Holepunch, Synonim, Northern Data, and Tether Energy as examples of the company's expansion into diverse fields.
Furthermore, Tether has recently demonstrated its commitment to compliance by establishing close partnerships with key U.S. government agencies such as the Secret Service and the Federal Bureau of Investigation (FBI).
Looking ahead, Ardoino unveiled Tether's plans to develop new products in 2024 and further solidify its existing offerings. He concluded by teasing that these upcoming products will be nothing short of extraordinary.
What are your thoughts on Tether's performance in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
Is gold IRAs a good way to invest?
You can invest in gold by purchasing shares in companies that mine it. These companies are a great way to make money investing in precious metals like gold.
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How much should your IRA include precious metals
Protecting yourself from inflation is best done by investing in precious metals such silver and gold. It's more than just an investment in retirement. It also prepares you for any economic downturn.
Although gold and silver prices have risen significantly in the past few years they are still considered safe investments. They don't fluctuate quite as much like stocks. These materials are also in high demand.
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10% of your total portfolio should be invested in precious metals. If you want to diversify even further your portfolio, that percentage could rise.
Are precious-metal IRAs a good option?
It all depends on your willingness to take the risk of an IRA account losing its value. You can use them if your cash balance is $10,000, as long you don't expect it to grow quickly. They may not be the best investment option for you if your goal is to save money over many decades and to invest in assets with a high likelihood of increasing in value (gold). They can also come with fees that could cut into any gains.
Which type is best for an IRA?
It is crucial to find the right IRA for your needs. You need to decide whether you want to maximize tax deduction on your contributions, minimize taxes now but pay penalties later, and if you just want to avoid taxes.
The Roth option is a good choice if you have a lot of money saved for retirement, but not enough to invest. It is also an option if you are still working after age 59 1/2. You can expect to pay income taxes for any accounts that are withdrawn.
Traditional IRAs are more suitable if you intend to retire young. However, you will most likely owe taxes on any earnings from those funds. If you are going to be working beyond 65 years old, the traditional IRA may make more sense because you can withdraw all or part of your earnings without having to pay taxes.
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Buy Gold To Your Gold IRA
Precious metal is used to describe precious metals such as gold, silver (excluding helium), palladium, palladium or osmium), ruthenium, rose, rhenium, ruthenium and others. It refers to any naturally occurring element with atomic numbers 79 through 110 (excluding helium), which is considered valuable because of its rarity and beauty. Gold and silver are the most popular precious metals. Precious metals are used in jewelry, money, industrial goods and art objects.
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Buy gold futures to own shares and not actual gold. Futures allow you to speculate as to how the gold price will change. You can buy gold futures and get exposed to the price of gold without actually owning it.
For instance, if I wanted speculation on whether gold prices would go up or lower, I could buy a contract for gold. When the contract expires, my position will either be “long” or “short.” A long contract is one in which I believe that the price of gold will rise. I'm willing now to pay someone else money, but I promise I'll get more money at the end. On the other hand, a short contract means that I think the price of gold will drop. So, I'm willing to take the money now in exchange for the promise that I'll make less money later.
I'll get the contract's specified amount of gold plus interest when it expires. This way I have exposure to the gold's price without having to actually hold it.
Precious Metals are great investments as they are difficult to counterfeit. While paper currencies can be easily counterfeited by printing new bills, precious metals cannot. This is why precious metals have always held their value well over time.
By: Sergio Goschenko
Title: Tether CEO Paolo Ardoino Celebrates USDT's $91.5B Market Cap: ‘Tether Evolved'
Sourced From: news.bitcoin.com/tether-ceo-paolo-ardoino-celebrates-usdts-91-5b-market-cap-tether-evolved/
Published Date: Fri, 29 Dec 2023 09:30:00 +0000