Tether CEO: Of 14 000 cryptocurrencies, only bitcoin is decentralized

Paolo Ardoino also pointed out that other projects regularly make significant software and tokenomics changes

14.06.2024 - 08:35

156

3 min

What’s new? The CEO of Tether, which issues the largest USDT stablecoin by capitalization, has called bitcoin the only decentralized cryptocurrency among more than 14 000 digital assets. In comments to Cointelegraph at the BTC Prague conference, Paolo Ardoino said that bitcoin, unlike other cryptocurrencies, “is only ruled by math that basically cannot be changed.”

Material by Cointelegraph

What else is known? The senior executive believes that all other cryptocurrencies show signs of centralization to varying degrees. He also added that other projects regularly have development teams that release new versions of software, change tokenomics, and bring other significant changes to coin design.

Ardoino admitted that his opinion on bitcoin’s exceptional level of decentralization may be controversial. He also recalled that he has openly stated that Tether’s assets are centralized, unlike BTC.

USDT accounted for 69% of the inflow of funds into the stablecoin sector over the past 90 days

Overall, stablecoins have raised $16,23 billion since March

In addition, the senior executive criticized meme tokens. Such coins use famous personalities, events, trends, or memes as mascots and tickers, often lacking a roadmap and real-world usage scenarios, and their price depends on community engagement and hype.

Ardoino said he likes memes, but not meme tokens and such assets are “completely at the opposite parts of the spectrum” from bitcoin.

Bybit: The volume of meme tokens in institutional portfolios has grown by 125% since the beginning of the year

DOGE remains the most preferred asset from this category for institutions

Earlier this month, Cardano blockchain creator Charles Hoskinson announced the imminent Chang hardfork, aimed at achieving full decentralization of the project. He called this event a major milestone not only in the history of Cardano but the industry as a whole.

Author: