“USDT is an important part of the global financial system,” said Tether’s CEO Paolo Ardoino in an interview with Tom Farley, CEO of Bullish. He noted that the stablecoin is particularly useful in inflation-stricken countries like Argentina and Turkey.

As Ardoino stated, “Previously, people had to resort to the black market to obtain dollars. Now, USDT provides an alternative to unstable national currencies.”

The head of Tether also pointed out that the majority of USDT issued – $61 billion – is based on the Tron blockchain, as transactions there are significantly cheaper than on Ethereum.

“USDT is not just a cryptocurrency; it’s a financial tool that works best outside of the US,” Ardoino added.