{"id":11123,"date":"2022-05-26T19:34:20","date_gmt":"2022-05-26T19:34:20","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/other-flavors-of-tether-will-bridge-users-to-usdt-paolo-ardoino\/"},"modified":"2022-05-26T19:34:22","modified_gmt":"2022-05-26T19:34:22","slug":"other-flavors-of-tether-will-bridge-users-to-usdt-paolo-ardoino","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/other-flavors-of-tether-will-bridge-users-to-usdt-paolo-ardoino\/","title":{"rendered":"\u2018Other flavors of Tether\u2019 will bridge users to USDT: Paolo Ardoino"},"content":{"rendered":"

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Tether\u2019s decision to launch a new digital asset pegged to the Mexican peso will be a boon to crypto adoption in the Central American country by providing more onramps to the USDT stablecoin, according to Paolo Ardoino.\u00a0<\/p>\n

In an exclusive interview with Cointelegraph on the sidelines of the World Economic Forum summit, the Tether and Bitfinex chief technology officer said the reason he came to Davos was to showcase the utility of cryptocurrencies. <\/p>\n

\u201cI didn\u2019t participate in Davos to meet CEOs of big banks,\u201d he said. \u201cWe are here to send our message [that] there is a big world out there that needs crypto in a safe way.\u201d<\/p>\n

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Tether CTO Paolo Ardoino said that the increase in crypto demand in the Latin America region pushed their decision to expand. https:\/\/t.co\/Ig7Y524VT2<\/p>\n

\u2014 Cointelegraph (@Cointelegraph) May 26, 2022<\/a><\/p><\/blockquote>\n

Tether has identified a growing demand for crypto and stablecoin products in Mexico, especially among businesses. To meet that demand, the company announced Thursday that it will launch a new peso-backed stablecoin on the Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks. Ardoino confirmed to Cointelegraph that \u201cMXNT\u201d pairs will begin trading on Bitfinex next week. <\/p>\n

Describing USDT as a bridge to Bitcoin (BTC), Ardoino said he believes the dollar-pegged stablecoin will be successful in onboarding the next 2 billion crypto users. However, to bridge more people to USDT, his company must work with local banks by offering \u201cother flavors of Tether.\u201d <\/p>\n

Related: <\/em><\/strong>WEF 2022: SWIFT probably won\u2019t exist in 5 years, says Mastercard CEO<\/em><\/strong><\/p>\n

When asked about the prospect of Mexico adopting Bitcoin as legal tender, which became a distinct possibility after a Mexican senator advanced the idea of creating crypto regulations based on El Salvador\u2019s BTC Law, Ardoino said he\u2019s \u201cbullish on the case that many countries will need, sooner rather than later, [to accept] Bitcoin.\u201d<\/p>\n

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A Mexican senator renews efforts to make #Bitcoin<\/a> legal tender in Mexico, arguing that Bitcoin adoption can drive global financial inclusion. https:\/\/t.co\/4Yzs3zUUNU<\/p>\n

\u2014 Cointelegraph (@Cointelegraph) February 23, 2022<\/a><\/p><\/blockquote>\n

However, the path to Bitcoin becoming legal tender in Mexico will be more complicated than in El Salvador because the former already has an official currency. So, while Bitcoin may not achieve the status of legal tender in the near term, it could become a \u201cde facto legal tender\u201d that is used alongside the peso, he said. <\/p>\n<\/div>\n