WEBVTT - Tether CEO Paolo Ardoino & Tether USA CEO Bo Hines Talk Stablecoin

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Tether launching a US

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<v Speaker 1>regulated stable coin in partnership with Canter Fitzgerald and Anchorage Digital.

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<v Speaker 1>The token known as USAT will be issued by Anchorage

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<v Speaker 1>in compliance with the Genius Act. Let's bring in the

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<v Speaker 1>Tether CEO Paolo Ardolino and Bo Hines, former White House

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

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<v Speaker 1>want to start with you because it raises the question

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<v Speaker 1>to me about the difference between USAT and USDT. Is

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<v Speaker 1>the launch of us AT basically saying that USDT is

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<v Speaker 1>not compliant under the Genius Act.

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<v Speaker 2>Absolutely not.

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<v Speaker 3>So we have expressly said a few times now that

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<v Speaker 3>also USDT will be compliant with the Genius Act under

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<v Speaker 3>the Foreign Issuer Protocol and there is a pathway in

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<v Speaker 3>the GENIUSOC to make happen, and that's what that is

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<v Speaker 3>focusing on. But at the same time, we felt the

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<v Speaker 3>need to create a domestic stable coin in United States

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<v Speaker 3>that is focusing on the actual needs of the US market.

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<v Speaker 3>It is a very efficient market compared to all the

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<v Speaker 3>emerging market developing countries, where USDIT is leading the way

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<v Speaker 3>into financial inclusion and growth and banking. The bank or

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<v Speaker 3>the under bed. But while in the United States the

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<v Speaker 3>landscape is different. There are a lot of many competitors

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<v Speaker 3>in the financial and efficient in that sector. So USAT

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<v Speaker 3>is going to be specifically designed for the growth of

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<v Speaker 3>the United States and within the United States.

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<v Speaker 4>So well, let me ask you, then, who exactly is

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<v Speaker 4>USAT targeting? What kind of customers are you going after

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<v Speaker 4>with this particular stable coin, and why would they need it?

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<v Speaker 4>What's the pitch?

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<v Speaker 5>Well, look, you know, our payment rails in the United

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<v Speaker 5>States have been archaic for quite some time.

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<v Speaker 2>I liken it to technology development.

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<v Speaker 5>The way we communicate, the ways in which we move

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<v Speaker 5>money has really remained stagnant, and so obviously with Genius

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<v Speaker 5>passing into law and the adoption of stable coins, I

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<v Speaker 5>think this revolutionizes our financial system and truly a way

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

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<v Speaker 5>it gives us instant settlement times, It allows us to

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<v Speaker 5>move money overseas in a much more expraditious way. So

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

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<v Speaker 5>think the customers that we're looking to serve are both

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<v Speaker 5>global financial institutions that obviously have deep ties to US

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<v Speaker 5>capital markets, along with consumers that have been under banked

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

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<v Speaker 5>you know, insane amounts for transaction fees when they're just

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<v Speaker 5>moving money to friends and family.

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<v Speaker 1>So, Palla, how do you effectively out compete USDC here

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<v Speaker 1>from circle? How is your strategy different from theirs? Because

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<v Speaker 1>if we think about these, I mean you essentially have

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<v Speaker 1>to convince us that these aren't commodities. And I don't

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<v Speaker 1>mean commodities in the way that they're classified by regulators.

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<v Speaker 1>I mean commodities in the way that they're not necessarily

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<v Speaker 1>different from one another.

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<v Speaker 3>Well, that's a very good point, but I think the

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<v Speaker 3>only thing that matters, or well the most important strategy

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<v Speaker 3>here to compete is distribution that are built over the

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<v Speaker 3>last eleven years now the biggest distribution network physical and digital,

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<v Speaker 3>probably in the history of humanity. You are not saying

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<v Speaker 3>that likely. So we have hundreds of thousands of physical

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<v Speaker 3>distribution places in all the emerging market development countries. We

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<v Speaker 3>have partnered with Ramble and invested in Ramble as a

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<v Speaker 3>huge distribution channel within the United States with like.

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<v Speaker 2>Sixty million active users per month.

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<v Speaker 3>I mean, we have our ability and we have partnered,

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<v Speaker 3>we have invested, so we don't have like our competitors

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<v Speaker 3>to rent out the distribution channels. We own them, we

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<v Speaker 3>partner with them, and so we can leverage to maximize

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<v Speaker 3>the profitability, but also reinvest in our own ecosystem to

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<v Speaker 3>make it wider, to make it more efficient and cost

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<v Speaker 3>effective for every single user.

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<v Speaker 1>Well, one thing that's really interesting I think that's happened

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<v Speaker 1>over the last few months is the idea that stable

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<v Speaker 1>coins is no longer just the purview of companies that

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<v Speaker 1>focus on digital assets. And indeed there's reporting that indicates

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<v Speaker 1>companies such as retailers or even payments firms are interested

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<v Speaker 1>in adopting this technology. Can you share with us any

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<v Speaker 1>conversations that you've had with executives and other companies that

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<v Speaker 1>are interested in this digital asset.

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<v Speaker 5>Well, you're seeing this with the larger banks in the

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<v Speaker 5>United States as well. People are talking about issuing their

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

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<v Speaker 5>I think that many of these firms are just a

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<v Speaker 5>little bit out over their skis in terms of understanding

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<v Speaker 5>the technological needs that must be there.

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<v Speaker 2>In order for the infrastructure to work properly. And that's

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<v Speaker 2>something that we have at tether.

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<v Speaker 5>We have the best technology, we have the distribution channels

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<v Speaker 5>as Palo is described.

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<v Speaker 2>I think that we'll have many partners in this space.

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<v Speaker 5>We'll collaborate with many of the traditional financial institutions in

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<v Speaker 5>the United States to build out the best product for

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<v Speaker 5>their consumers. I think that we will be adopted far

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<v Speaker 5>and wide here in the US, both with from the

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<v Speaker 5>consumer perspective as well as the institutional perspective. And I

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<v Speaker 5>think that we'll set up these corridors to move money

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<v Speaker 5>in ways that you know, people have never seen before.

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<v Speaker 1>You mentioned it should be the most you mentioned financial

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<v Speaker 1>Let's make news here. Are you speaking to any of

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<v Speaker 1>them right now? Have you spoken to any of them?

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<v Speaker 2>Well, look, we're talking to several of them.

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<v Speaker 5>We'll have fantastic news release in the coming months.

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

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<v Speaker 2>not going to be exclusive. Look, we're agnostic.

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<v Speaker 5>We want to help as many consumers as possible in

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<v Speaker 5>the US, and we want to help as many businesses

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<v Speaker 5>that we can as well.

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<v Speaker 4>All right, so that means you're coming back on to

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<v Speaker 4>tell us when you do have news right now? Well,

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<v Speaker 4>you just committed yourself to that, Paolo talk a little

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<v Speaker 4>bit about how USAT, the US regulated stable coin that

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<v Speaker 4>you're launching here, will differ when it comes to what

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<v Speaker 4>is backed by. We know that USDT is backed by

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<v Speaker 4>short term US treasuries along with some other cash equivalents.

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<v Speaker 4>What is USAT going to be backed by?

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<v Speaker 3>So USAT will be backed by US treasuries again short term.

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<v Speaker 3>I think that is in the biggest interest of the

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<v Speaker 3>United States and also US companies, but also Tetter as

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<v Speaker 3>a broader company, to showcase strong alliance with the United States.

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<v Speaker 2>We have with USDT. Specifically, we have held the US.

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<v Speaker 3>Dollar gemony as no other product in the world, and

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<v Speaker 3>so we plan to continue to do the same with

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<v Speaker 3>the USA t And so we want to make sure

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<v Speaker 3>that every single USAHU user user, user knows that there

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<v Speaker 3>is a strong backing, liquid backing any point in time

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<v Speaker 3>that can redeem USAT for a dollar and use it

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<v Speaker 3>in a very similess way throughout all their digital life

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<v Speaker 3>and physical life and both.

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<v Speaker 4>This is all part of a larger plan to grow

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<v Speaker 4>dramatically over the next one to two years. You've been

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<v Speaker 4>very vocal in saying that you want to dominate. Do

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<v Speaker 4>you have any specific growth targets that you could share

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<v Speaker 4>with us.

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<v Speaker 5>Well, look, I mean, we want to be the largest

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<v Speaker 5>player in the US market. We already are abroad, we

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

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<v Speaker 5>this repeatedly over the course the last few months in

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<v Speaker 5>my former role at the White House. You know, I

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<v Speaker 5>firmly believe that as tokenization occurs, so well capital flow

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<v Speaker 5>into stable points. We want to have seamles on and

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<v Speaker 5>off ramps to our US capital markets. You know, if

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<v Speaker 5>we have tokenization of public securities, people are going to

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<v Speaker 5>be using stables to go in and out of those

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<v Speaker 5>different asset classes, and we want to be the best

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<v Speaker 5>stable in the marketplace to do so. I think we'll

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<v Speaker 5>have many fantastic partners, whether it be institutional banking firms,

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<v Speaker 5>whether it be market makers, etc.

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<v Speaker 2>And so, you know, we're.

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<v Speaker 5>Talking to a plethor of different folks about how these

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<v Speaker 5>technologies can plug into their current ecosystems. I think they'll

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<v Speaker 5>adopt them very quickly and we'll be able to set

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<v Speaker 5>up a new payment real system in the US that

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<v Speaker 5>benefits the US consumer in a tremendous way.

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<v Speaker 1>Bill, Can you answer a question that I'm sure a

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<v Speaker 1>lot of people have who saw your work in the

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<v Speaker 1>White House, who saw your work for the Trump administration.

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<v Speaker 1>After all, you helped shepherd the Genius Act and then

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<v Speaker 1>you joined this company. How can you ensure viewers, listeners,

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<v Speaker 1>competitors that there is no conflict of interest between you

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<v Speaker 1>and what is happening right now at the White House.

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<v Speaker 5>Well, look, you know, I've stepped down from my roles

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<v Speaker 5>touching anything related to crypto in the White House, and

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<v Speaker 5>you know, I felt like this was a fantastic opportunity

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<v Speaker 5>to jump into the private sector and do exactly what

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<v Speaker 5>the Genius Act intended to do, which was unsure the

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<v Speaker 5>best developed in the space on shore, the brightest minds in.

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<v Speaker 2>Crypto, and make the US the crypto capital of the world.

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<v Speaker 5>Tether is by far and away the most important private

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<v Speaker 5>public partnership the US government has. We're buying more treasuries

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<v Speaker 5>than anyone else in the private sector. It makes us

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<v Speaker 5>less reliant on foreign adversaries in order to purchase our debt.

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<v Speaker 2>But also you can't be the crypto capital of.

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<v Speaker 5>The world without having the most important company in the

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

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

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<v Speaker 1>Can you talk to us a little bit about how

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<v Speaker 1>this role came together and when you started conversations with

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<v Speaker 1>Paolo or the other folks over at tether.

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<v Speaker 5>Well, look, you know I had been in conversations with

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<v Speaker 5>everyone in the industry over the course of the last

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<v Speaker 5>eight months as we worked diligently on Genius to make

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<v Speaker 5>sure it was the best product for the American people.

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<v Speaker 5>And you know, it took my job very seriously in

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<v Speaker 5>that way. We wanted diversity of thought. We wanted to

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<v Speaker 5>hear from the entire ecosystem before we developed the product

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<v Speaker 5>that would upend the financial system in a positive way.

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<v Speaker 2>And that's what we've done.

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<v Speaker 5>And so you know, when I announced that I was resigning,

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<v Speaker 5>I had received countless first from different firms. And again

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<v Speaker 5>I'll point back to my prior comment. When I was

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<v Speaker 5>looking at different opportunities, I said, well, hey, look, I

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<v Speaker 5>have an opportunity now to do something that you know,

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<v Speaker 5>I described as being extremely important when I was in

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<v Speaker 5>my role, and that was on shore the most important

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<v Speaker 5>players in the space.

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<v Speaker 2>And that's what we're doing here at USAT.

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<v Speaker 5>They're going to have a US entity based in Chrowot

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<v Speaker 5>at North Carolina, which is where I'm from, which certainly

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<v Speaker 5>made it distractive. And then we also have a US

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<v Speaker 5>product that I think which will be by far and

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<v Speaker 5>away the premiere product in the stable coin market here

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<v Speaker 5>on US soil.

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<v Speaker 1>So we don't have a ton of time. I want

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<v Speaker 1>to jump in, and then I know Scarlett has some

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<v Speaker 1>more questions. Were you Were you talking about this role

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<v Speaker 1>while you were still employed at the White House.

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<v Speaker 2>No, I was not.

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<v Speaker 5>I was actually engaging with several different folks, just focused

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<v Speaker 5>on the Digital Assets Working Group report at that time,

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<v Speaker 5>and then obviously we got into August resigned for my role.

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<v Speaker 5>I had several interviews in which I said I was

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<v Speaker 5>courting I was being courted by several different firms and

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<v Speaker 5>receiving many different offers. I went through those offers and

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<v Speaker 5>talked about those with my family and then decided this

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<v Speaker 5>was the best place for me to builder Bille.

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<v Speaker 2>Thank you for answering that.

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<v Speaker 4>Bo Paulo, let me ask you a final question. You

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<v Speaker 4>have repeatedly said that Tether is not interested in going public.

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<v Speaker 4>We started the show by talking about a couple of

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<v Speaker 4>crypto companies have gone public and are doing well. Both

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<v Speaker 4>plans to dominate means there's going to be a lot

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<v Speaker 4>of need for money. What might change your mind ongoing public.

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<v Speaker 3>Well, I think that the beauty of Tether is that

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<v Speaker 3>has three features that most of the company don't have.

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<v Speaker 3>So companies you should have in general a good ETOs

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<v Speaker 3>and good philosophy. They should have the ability to innovate

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<v Speaker 3>in our case innovating tech and finance. And also should

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<v Speaker 3>have the capital. Most of the companies in the world,

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<v Speaker 3>if not all the companies in the world, have either

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<v Speaker 3>a good philosophy or have good tech innovation ability or

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<v Speaker 3>both of them, but they lack capital. Tether last year

0:10:54.080 --> 0:10:57.640
<v Speaker 3>made thirteen point seven billion dollars in profit not revenues profits,

0:10:57.720 --> 0:11:00.840
<v Speaker 3>and this year I would be surprised if we don't

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<v Speaker 3>top that. And so that is exactly even if you

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<v Speaker 3>look at our competitors status, exactly what different sihates out.

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<v Speaker 2>We have the entire.

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<v Speaker 3>Ground based covered with you know, also our ability to

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<v Speaker 3>generate enormous amount of capital and the profits and we

0:11:17.160 --> 0:11:21.480
<v Speaker 3>invest them in infrastructure and expansion and distribution. In the

0:11:21.559 --> 0:11:25.040
<v Speaker 3>last three years that are invested almost five billion dollars

0:11:25.080 --> 0:11:27.680
<v Speaker 3>in the US market alone, and you know a lot

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<v Speaker 3>also if we think about the global markets, we invest

0:11:30.800 --> 0:11:34.520
<v Speaker 3>in different technologies. Of course, in different sectors, but the

0:11:34.520 --> 0:11:38.160
<v Speaker 3>most importantly we invest in our distribution channels. Investment in

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<v Speaker 3>rambo is one, but we invest in chains of the

0:11:40.600 --> 0:11:43.680
<v Speaker 3>bodegas in Central South America. We invest in companies that

0:11:43.720 --> 0:11:47.920
<v Speaker 3>are building hundreds thousands shots in the next five years

0:11:48.240 --> 0:11:51.559
<v Speaker 3>in Africa to build again or even there in the

0:11:51.600 --> 0:11:55.800
<v Speaker 3>most difficult market in the world, the biggest distribution network

0:11:55.840 --> 0:11:58.280
<v Speaker 3>of physical distribution network for.

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<v Speaker 2>The emerging market.

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<v Speaker 3>So that is what we are set to do, and

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<v Speaker 3>we have all the capital to do so we can

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<v Speaker 3>remain the dependent. I don't want to spend the next

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<v Speaker 3>three months and every single quarter of my life to

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<v Speaker 3>try to explain to analysts why we are not optimizing

0:12:12.960 --> 0:12:17.520
<v Speaker 3>to make two cents more rather than focusing on making good.

0:12:17.320 --> 0:12:17.720
<v Speaker 2>In the world.

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<v Speaker 1>Oh guys, really appreciate you both taking the time and

0:12:20.120 --> 0:12:22.360
<v Speaker 1>joining us on Bloomberg Crypto today. Let's stay in touch

0:12:22.360 --> 0:12:25.400
<v Speaker 1>and come back soon. That's Tether CEO Paolo Ardoino and

0:12:25.559 --> 0:12:26.240
<v Speaker 1>bo Hines.

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<v Speaker 2>Thanks for your time.