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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Tether launching a US

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Speaker 1: regulated stable coin in partnership with Canter Fitzgerald and Anchorage Digital.

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Speaker 1: The token known as USAT will be issued by Anchorage

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Speaker 1: in compliance with the Genius Act. Let's bring in the

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Speaker 1: Tether CEO Paolo Ardolino and Bo Hines, former White House

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Speaker 1: crypto official who now leads Tether's USA USAT. Pallo, I

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Speaker 1: want to start with you because it raises the question

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Speaker 1: to me about the difference between USAT and USDT. Is

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Speaker 1: the launch of us AT basically saying that USDT is

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Speaker 1: not compliant under the Genius Act.

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Speaker 2: Absolutely not.

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Speaker 3: So we have expressly said a few times now that

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Speaker 3: also USDT will be compliant with the Genius Act under

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Speaker 3: the Foreign Issuer Protocol and there is a pathway in

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Speaker 3: the GENIUSOC to make happen, and that's what that is

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Speaker 3: focusing on. But at the same time, we felt the

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Speaker 3: need to create a domestic stable coin in United States

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Speaker 3: that is focusing on the actual needs of the US market.

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Speaker 3: It is a very efficient market compared to all the

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Speaker 3: emerging market developing countries, where USDIT is leading the way

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Speaker 3: into financial inclusion and growth and banking. The bank or

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Speaker 3: the under bed. But while in the United States the

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Speaker 3: landscape is different. There are a lot of many competitors

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Speaker 3: in the financial and efficient in that sector. So USAT

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Speaker 3: is going to be specifically designed for the growth of

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Speaker 3: the United States and within the United States.

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Speaker 4: So well, let me ask you, then, who exactly is

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Speaker 4: USAT targeting? What kind of customers are you going after

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Speaker 4: with this particular stable coin, and why would they need it?

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Speaker 4: What's the pitch?

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Speaker 5: Well, look, you know, our payment rails in the United

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Speaker 5: States have been archaic for quite some time.

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Speaker 2: I liken it to technology development.

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Speaker 5: The way we communicate, the ways in which we move

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Speaker 5: money has really remained stagnant, and so obviously with Genius

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Speaker 5: passing into law and the adoption of stable coins, I

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Speaker 5: think this revolutionizes our financial system and truly a way

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Speaker 5: that we've never seen before. It makes payments more cost effective,

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Speaker 5: it gives us instant settlement times, It allows us to

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Speaker 5: move money overseas in a much more expraditious way. So

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Speaker 5: you know, we're looking at a completely new world. I

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Speaker 5: think the customers that we're looking to serve are both

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Speaker 5: global financial institutions that obviously have deep ties to US

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Speaker 5: capital markets, along with consumers that have been under banked

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Speaker 5: or underserved for quite some time and don't want to pay,

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Speaker 5: you know, insane amounts for transaction fees when they're just

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Speaker 5: moving money to friends and family.

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Speaker 1: So, Palla, how do you effectively out compete USDC here

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Speaker 1: from circle? How is your strategy different from theirs? Because

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Speaker 1: if we think about these, I mean you essentially have

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Speaker 1: to convince us that these aren't commodities. And I don't

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Speaker 1: mean commodities in the way that they're classified by regulators.

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Speaker 1: I mean commodities in the way that they're not necessarily

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Speaker 1: different from one another.

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Speaker 3: Well, that's a very good point, but I think the

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Speaker 3: only thing that matters, or well the most important strategy

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Speaker 3: here to compete is distribution that are built over the

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Speaker 3: last eleven years now the biggest distribution network physical and digital,

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Speaker 3: probably in the history of humanity. You are not saying

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Speaker 3: that likely. So we have hundreds of thousands of physical

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Speaker 3: distribution places in all the emerging market development countries. We

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Speaker 3: have partnered with Ramble and invested in Ramble as a

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Speaker 3: huge distribution channel within the United States with like.

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Speaker 2: Sixty million active users per month.

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Speaker 3: I mean, we have our ability and we have partnered,

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Speaker 3: we have invested, so we don't have like our competitors

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Speaker 3: to rent out the distribution channels. We own them, we

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Speaker 3: partner with them, and so we can leverage to maximize

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Speaker 3: the profitability, but also reinvest in our own ecosystem to

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Speaker 3: make it wider, to make it more efficient and cost

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Speaker 3: effective for every single user.

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Speaker 1: Well, one thing that's really interesting I think that's happened

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Speaker 1: over the last few months is the idea that stable

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Speaker 1: coins is no longer just the purview of companies that

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Speaker 1: focus on digital assets. And indeed there's reporting that indicates

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Speaker 1: companies such as retailers or even payments firms are interested

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Speaker 1: in adopting this technology. Can you share with us any

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Speaker 1: conversations that you've had with executives and other companies that

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Speaker 1: are interested in this digital asset.

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Speaker 5: Well, you're seeing this with the larger banks in the

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Speaker 5: United States as well. People are talking about issuing their

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Speaker 5: own stable coin. You know, I think they're going to pivot.

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Speaker 5: I think that many of these firms are just a

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Speaker 5: little bit out over their skis in terms of understanding

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Speaker 5: the technological needs that must be there.

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Speaker 2: In order for the infrastructure to work properly. And that's

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Speaker 2: something that we have at tether.

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Speaker 5: We have the best technology, we have the distribution channels

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Speaker 5: as Palo is described.

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Speaker 2: I think that we'll have many partners in this space.

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Speaker 5: We'll collaborate with many of the traditional financial institutions in

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Speaker 5: the United States to build out the best product for

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Speaker 5: their consumers. I think that we will be adopted far

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Speaker 5: and wide here in the US, both with from the

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Speaker 5: consumer perspective as well as the institutional perspective. And I

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Speaker 5: think that we'll set up these corridors to move money

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Speaker 5: in ways that you know, people have never seen before.

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Speaker 1: You mentioned it should be the most you mentioned financial

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Speaker 1: Let's make news here. Are you speaking to any of

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Speaker 1: them right now? Have you spoken to any of them?

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Speaker 2: Well, look, we're talking to several of them.

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Speaker 5: We'll have fantastic news release in the coming months.

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Speaker 2: I think we'll have many partners, not just one. We're

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Speaker 2: not going to be exclusive. Look, we're agnostic.

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Speaker 5: We want to help as many consumers as possible in

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Speaker 5: the US, and we want to help as many businesses

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Speaker 5: that we can as well.

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Speaker 4: All right, so that means you're coming back on to

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Speaker 4: tell us when you do have news right now? Well,

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Speaker 4: you just committed yourself to that, Paolo talk a little

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Speaker 4: bit about how USAT, the US regulated stable coin that

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Speaker 4: you're launching here, will differ when it comes to what

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Speaker 4: is backed by. We know that USDT is backed by

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Speaker 4: short term US treasuries along with some other cash equivalents.

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Speaker 4: What is USAT going to be backed by?

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Speaker 3: So USAT will be backed by US treasuries again short term.

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Speaker 3: I think that is in the biggest interest of the

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Speaker 3: United States and also US companies, but also Tetter as

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Speaker 3: a broader company, to showcase strong alliance with the United States.

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Speaker 2: We have with USDT. Specifically, we have held the US.

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Speaker 3: Dollar gemony as no other product in the world, and

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Speaker 3: so we plan to continue to do the same with

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Speaker 3: the USA t And so we want to make sure

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Speaker 3: that every single USAHU user user, user knows that there

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Speaker 3: is a strong backing, liquid backing any point in time

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Speaker 3: that can redeem USAT for a dollar and use it

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Speaker 3: in a very similess way throughout all their digital life

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Speaker 3: and physical life and both.

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Speaker 4: This is all part of a larger plan to grow

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Speaker 4: dramatically over the next one to two years. You've been

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Speaker 4: very vocal in saying that you want to dominate. Do

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Speaker 4: you have any specific growth targets that you could share

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Speaker 4: with us.

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Speaker 5: Well, look, I mean, we want to be the largest

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Speaker 5: player in the US market. We already are abroad, we

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Speaker 5: want to match that here. And you know, I've said

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Speaker 5: this repeatedly over the course the last few months in

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Speaker 5: my former role at the White House. You know, I

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Speaker 5: firmly believe that as tokenization occurs, so well capital flow

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Speaker 5: into stable points. We want to have seamles on and

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Speaker 5: off ramps to our US capital markets. You know, if

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Speaker 5: we have tokenization of public securities, people are going to

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Speaker 5: be using stables to go in and out of those

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Speaker 5: different asset classes, and we want to be the best

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Speaker 5: stable in the marketplace to do so. I think we'll

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Speaker 5: have many fantastic partners, whether it be institutional banking firms,

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Speaker 5: whether it be market makers, etc.

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Speaker 2: And so, you know, we're.

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Speaker 5: Talking to a plethor of different folks about how these

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Speaker 5: technologies can plug into their current ecosystems. I think they'll

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Speaker 5: adopt them very quickly and we'll be able to set

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Speaker 5: up a new payment real system in the US that

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Speaker 5: benefits the US consumer in a tremendous way.

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Speaker 1: Bill, Can you answer a question that I'm sure a

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Speaker 1: lot of people have who saw your work in the

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Speaker 1: White House, who saw your work for the Trump administration.

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Speaker 1: After all, you helped shepherd the Genius Act and then

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Speaker 1: you joined this company. How can you ensure viewers, listeners,

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Speaker 1: competitors that there is no conflict of interest between you

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Speaker 1: and what is happening right now at the White House.

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Speaker 5: Well, look, you know, I've stepped down from my roles

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Speaker 5: touching anything related to crypto in the White House, and

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Speaker 5: you know, I felt like this was a fantastic opportunity

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Speaker 5: to jump into the private sector and do exactly what

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Speaker 5: the Genius Act intended to do, which was unsure the

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Speaker 5: best developed in the space on shore, the brightest minds in.

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Speaker 2: Crypto, and make the US the crypto capital of the world.

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Speaker 5: Tether is by far and away the most important private

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Speaker 5: public partnership the US government has. We're buying more treasuries

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Speaker 5: than anyone else in the private sector. It makes us

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Speaker 5: less reliant on foreign adversaries in order to purchase our debt.

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Speaker 2: But also you can't be the crypto capital of.

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Speaker 5: The world without having the most important company in the

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Speaker 5: space here on US soil. And so that's what I've

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Speaker 5: had an opportunity to do, and I'm extremely excited about it.

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Speaker 1: Can you talk to us a little bit about how

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Speaker 1: this role came together and when you started conversations with

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Speaker 1: Paolo or the other folks over at tether.

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Speaker 5: Well, look, you know I had been in conversations with

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Speaker 5: everyone in the industry over the course of the last

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Speaker 5: eight months as we worked diligently on Genius to make

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Speaker 5: sure it was the best product for the American people.

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Speaker 5: And you know, it took my job very seriously in

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Speaker 5: that way. We wanted diversity of thought. We wanted to

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Speaker 5: hear from the entire ecosystem before we developed the product

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Speaker 5: that would upend the financial system in a positive way.

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Speaker 2: And that's what we've done.

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Speaker 5: And so you know, when I announced that I was resigning,

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Speaker 5: I had received countless first from different firms. And again

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Speaker 5: I'll point back to my prior comment. When I was

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Speaker 5: looking at different opportunities, I said, well, hey, look, I

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Speaker 5: have an opportunity now to do something that you know,

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Speaker 5: I described as being extremely important when I was in

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Speaker 5: my role, and that was on shore the most important

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Speaker 5: players in the space.

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Speaker 2: And that's what we're doing here at USAT.

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Speaker 5: They're going to have a US entity based in Chrowot

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Speaker 5: at North Carolina, which is where I'm from, which certainly

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Speaker 5: made it distractive. And then we also have a US

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Speaker 5: product that I think which will be by far and

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Speaker 5: away the premiere product in the stable coin market here

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Speaker 5: on US soil.

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Speaker 1: So we don't have a ton of time. I want

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Speaker 1: to jump in, and then I know Scarlett has some

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Speaker 1: more questions. Were you Were you talking about this role

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Speaker 1: while you were still employed at the White House.

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Speaker 2: No, I was not.

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Speaker 5: I was actually engaging with several different folks, just focused

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Speaker 5: on the Digital Assets Working Group report at that time,

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Speaker 5: and then obviously we got into August resigned for my role.

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Speaker 5: I had several interviews in which I said I was

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Speaker 5: courting I was being courted by several different firms and

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Speaker 5: receiving many different offers. I went through those offers and

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Speaker 5: talked about those with my family and then decided this

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Speaker 5: was the best place for me to builder Bille.

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Speaker 2: Thank you for answering that.

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Speaker 4: Bo Paulo, let me ask you a final question. You

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Speaker 4: have repeatedly said that Tether is not interested in going public.

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Speaker 4: We started the show by talking about a couple of

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Speaker 4: crypto companies have gone public and are doing well. Both

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Speaker 4: plans to dominate means there's going to be a lot

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Speaker 4: of need for money. What might change your mind ongoing public.

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Speaker 3: Well, I think that the beauty of Tether is that

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Speaker 3: has three features that most of the company don't have.

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Speaker 3: So companies you should have in general a good ETOs

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Speaker 3: and good philosophy. They should have the ability to innovate

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Speaker 3: in our case innovating tech and finance. And also should

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Speaker 3: have the capital. Most of the companies in the world,

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Speaker 3: if not all the companies in the world, have either

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Speaker 3: a good philosophy or have good tech innovation ability or

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Speaker 3: both of them, but they lack capital. Tether last year

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Speaker 3: made thirteen point seven billion dollars in profit not revenues profits,

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Speaker 3: and this year I would be surprised if we don't

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Speaker 3: top that. And so that is exactly even if you

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Speaker 3: look at our competitors status, exactly what different sihates out.

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Speaker 2: We have the entire.

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Speaker 3: Ground based covered with you know, also our ability to

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Speaker 3: generate enormous amount of capital and the profits and we

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Speaker 3: invest them in infrastructure and expansion and distribution. In the

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Speaker 3: last three years that are invested almost five billion dollars

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Speaker 3: in the US market alone, and you know a lot

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Speaker 3: also if we think about the global markets, we invest

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Speaker 3: in different technologies. Of course, in different sectors, but the

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Speaker 3: most importantly we invest in our distribution channels. Investment in

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Speaker 3: rambo is one, but we invest in chains of the

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Speaker 3: bodegas in Central South America. We invest in companies that

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Speaker 3: are building hundreds thousands shots in the next five years

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Speaker 3: in Africa to build again or even there in the

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Speaker 3: most difficult market in the world, the biggest distribution network

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Speaker 3: of physical distribution network for.

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Speaker 2: The emerging market.

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Speaker 3: So that is what we are set to do, and

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Speaker 3: we have all the capital to do so we can

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Speaker 3: remain the dependent. I don't want to spend the next

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Speaker 3: three months and every single quarter of my life to

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Speaker 3: try to explain to analysts why we are not optimizing

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Speaker 3: to make two cents more rather than focusing on making good.

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Speaker 2: In the world.

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Speaker 1: Oh guys, really appreciate you both taking the time and

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Speaker 1: joining us on Bloomberg Crypto today. Let's stay in touch

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Speaker 1: and come back soon. That's Tether CEO Paolo Ardoino and

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Speaker 1: bo Hines.

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Speaker 2: Thanks for your time.