Keynote Address by Paolo Ardoino at Bitcoin 2025
At the Bitcoin 2025 conference, Paolo Ardoino, the CEO of Tether, delivered a keynote address that stood out for its candidness and wit. Unlike the usual barrage of technical jargon often associated with Web3 leaders, he likened Bitcoin to Wukong, a character from his childhood, and referred to it as the ‘gold of its nature.’ Ardoino also humorously expressed his frustrations regarding API keys, highlighting the aesthetic appeal of peer-to-peer systems. He proclaimed Tether’s significant role in the Bitcoin space by announcing,
“We are one of the largest Bitcoin miners globally.”
Vision and Evolution of Tether
This address transcended mere corporate promotion; Ardoino articulated a vision that extends Tether’s stabilizing initiatives beyond stablecoins into a broader decentralized ecosystem. This includes various projects like the stablecoin USDT, Bitcoin for value anchoring, Keet for communication, and KUBA as a smart platform to build identity and sovereignty.
A memorable part of his speech was his nostalgic comparison of Bitcoin to a beloved character from the popular 80s anime Dragon Ball. Ardoino believes Bitcoin is a formidable ally in the financial world, while Tether, the first stablecoin launched in 2014, provides reliability and robustness. He shared an updating slide during his speech to highlight Tether’s asset value, which recently surpassed $153 billion—a figure he noted was surprising given their preparations just two days prior.
Reflecting on Tether’s evolution during the pandemic, Ardoino noted that the stablecoin has since become a vital digital currency for many around the globe. He emphasized the importance of creating products that meet genuine needs instead of relying on traditional marketing strategies. Remarkably, Tether did not have a formal marketing team as of 2022, yet awareness and usage soared organically through word of mouth. This boost led to revenues of $13 billion last year while holding over $120 billion in U.S. Treasury bonds and committing substantial investments to Bitcoin.
Bitcoin and Gold: Competing Narratives
In a nuanced discussion about gold, Ardoino acknowledged the tension between Bitcoin advocates and traditional precious metal supporters. He asserted that while Bitcoin is the digital rendition of value, gold continues to compete with fiat currencies, maintaining its relevance as a value anchor.
Around 420 million users from emerging and developing regions utilize Tether, representing 62% of decentralized trading. A striking statistic was that approximately 35% of USDT holders treat it as a savings account due to severe depreciation risks in their local currencies, such as the Turkish lira and the Argentine peso.
Tether’s Mission and Future Directions
Paolo Ardoino conveyed Tether’s mission as an antithesis to conventional tech giants and financial institutions, which often leverage multiple intermediaries. He emphasized that Tether strives to empower users by eliminating intermediaries, thus restoring individual sovereignty over currency and data. Based in El Salvador, a country with a tumultuous past marked by violence, Tether’s leadership remains optimistic about the potential political shifts in embracing Bitcoin.
One of the highlights of his strategy includes both holding and mining Bitcoin, with expectations to become the largest Bitcoin miner by year-end, surpassing all public companies. Ardoino explained that mining serves as an asset hedge while also contributing to the security of the Bitcoin network.
In terms of technological innovation, Tether aims to assist businesses and applications in accessing non-custodial Bitcoin wallets through their Wallet Development Kit (WDK) rather than relying on custodial services. Furthermore, Ardoino introduced KUBA, Tether’s new AI platform promoting localized reasoning and compatibility across device ranges, indicating a vision of decentralized AI solutions.
Tether’s investment in the Plan B network aims to provide alternatives to traditional monetary systems. They are committed to enhancing Bitcoin education, sponsoring events like the Plan B Summit in Lugano, and collaborating with various entities, including universities and the video platform Rumble.
Keet represents Tether’s foray into peer-to-peer communication, currently in alpha testing and facilitating direct content distribution without a central server. Ardoino concluded his speech with a somber note on the cloud, which he deemed an unreliable mechanism for user data management. Expressing gratitude, he affirmed Tether’s commitment to forging a resilient future for Bitcoin and its community.
With this outlook, Tether exemplifies a shift towards decentralized financial infrastructure, aiming to be a reliable cornerstone in the evolving digital economy of the future.
