Latest news with #PaoloArdoino
CNBC
10 hours ago
- Business
- CNBC
Why Wall Street and Washington are excited about the GENIUS Act stablecoin bill
As Congress moves to pass the GENIUS Act stablecoin legislation, lawmakers and top executives discuss on CNBC what the bill means for the industry. Sen. Bill Hagerty (R-Tenn.) shares how the bill adds protections for users. Tether's Paolo Ardoino and Haun Ventures' Katie Haun break down the rise in stablecoin demand. Coinbase's Faryar Shirzad and Mizuho's Dan Dolev compare stablecoins to products already on the market. Ryan McInerney, Visa CEO, breaks down how the company will remain relevant and Robinhood CEO Vlad Tenev shares why he thinks the U.S. needs to compete in digital payment innovation.
Yahoo
a day ago
- Business
- Yahoo
Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer
Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer originally appeared on TheStreet. The GENIUS Act, a bill regulating stablecoins that passed the U.S. Senate last week, poses a significant threat to Tether, the world's largest stablecoin issuer, with a total circulation of $156 billion. The GENIUS Act, which aims to integrate stablecoins into the everyday financial world, requires issuers to back their tokens' value with cash and short-term Treasury securities, submit to annual public audits, and comply with U.S. financial regulations. This could be difficult for Tether as the stablecoin issuer's current reserve model is backed in part by Bitcoin and long-held rejection of total financial transparency may soon become a regulatory liability, according to WSJ. "There's no ambiguity about those requirements," said former federal prosecutor Scott Armstrong to WSJ. "It could definitely put Tether in a pinch." The act provides a 3-year compliance grace period. A related House bill provides only 18 months, but either way, Tether would have to either change its reserve practices or lose access to the US market. CEO Paolo Ardoino has suggested Tether would create a new U.S.-compliant token, but they could just as easily concentrate all their effort on Asia and Latin America. This is where Tether earns the overwhelming majority of its trading volume. In the meantime, the U.S.-based company Circle, which issues the USDC stablecoin, will be the biggest benefactor. At press time, Circle stock is trading at $223.20. After the GENIUS Act cleared the Senate with a bipartisan vote, Circle's stock price jumped 34%, indicating that investors believe the company is aligned with regulators. Still, Circle only has a market cap that is less than half that of Tether moved to El Salvador. The Trump administration could still allow Tether access to the U.S. market if it deems El Salvador's regulatory framework equivalent to that of the U.S., WSJ reported. TheStreet Roundtable reached out to Tether for a comment on the matter and has not received a response so far. We will update the story if and when the company responds. Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer first appeared on TheStreet on Jun 26, 2025 This story was originally reported by TheStreet on Jun 26, 2025, where it first appeared. Sign in to access your portfolio
Arabian Post
3 days ago
- Business
- Arabian Post
Tether Targets Top Spot Among Bitcoin Miners
Tether chief executive Paolo Ardoino has pledged to catapult the company into the position of the world's leading Bitcoin miner by the end of 2025, asserting that crypto‑mining is key to safeguarding its $10 billion‑plus Bitcoin reserves. He outlined a sweeping strategy centred on large‑scale investment in mining and energy infrastructure across Latin America. Ardoino said Tether has already channelled upwards of $2 billion into mining and energy systems and is now accelerating deployment. While the company's precise hash‑rate remains confidential, executives emphasise that their investment reflects both scale and strategic intent. The mining push forms part of a broader financial architecture designed to secure the firm's Bitcoin holdings and further embed it within the Bitcoin ecosystem. The announcement emerged at the Bitcoin Conference in Las Vegas, where Ardoino noted Tether's robust earnings—reporting a $13 billion profit in 2024—and a sizeable portfolio of U.S. Treasuries. He revealed the firm holds more than 100,000 BTC and hinted that the mining operation will leverage renewable energy sources supporting its underlying reserves. ADVERTISEMENT Tether is concurrently preparing to open‑source its Bitcoin Mining Operating System, which the company says will democratise mining by enabling participants ranging from individual Raspberry Pi setups to large‑scale farms to connect into secure point‑to‑point networks. The move is intended to broaden participation, enhance resilience of the Bitcoin network, and solidify Tether's position as a leader in infrastructure innovation. Energy infrastructure forms a crucial part of Tether's strategy. Ardoino highlighted investments across Latin America in renewable energy projects, including substantial commitments in Uruguay and El Salvador, where Tether relocated its headquarters and backs geothermal initiatives through a project known as Volcano Energy. These investments reflect a dual focus: securing clean, reliable power for mining and contributing to regional energy resilience. The strategic rationale centres on mitigating the risks of holding large Bitcoin reserves. Mining, Ardoino explained, provides not only operational control but also reinforces financial sovereignty, anchoring assets within a secured blockchain‑based ecosystem. By internalising hash‑rate and power sources, Tether aims to shield its holdings from external dependency and volatility. Security considerations have informed the launch of MOS. As a decentralised architecture, the system allows devices to operate without reliance on central servers, reducing vulnerability to single‑point failures or third‑party disruptions. Looking ahead, Tether plans to integrate artificial‑intelligence tools into MOS to monitor performance and optimise operations in real time. Tether's move into open‑source mining software dovetails with its broader tech ambitions. Ardoino introduced QVAC, an AI platform that uses non‑custodial wallets, and unveiled plans for a Bitcoin‑centric wallet developed with Rumble. These projects underscore Tether's strategy to embed Bitcoin deeper into digital finance and expand its ecosystem services. Market observers note that Tether's mining ambition places it in direct competition with publicly traded mining firms. Although exact hashrate figures are absent, the scale of investment and reserve holdings suggest that surpassing existing miners is credible by late 2025. Tracking progress will require scrutiny of deployment timelines and performance metrics, which Tether has declined to specify. Financial analysts regard Tether's diversified asset approach—spanning Bitcoin, gold and U.S. Treasuries—as a deliberate hedge strategy. The large Bitcoin reserves, reportedly worth over $10 billion, alongside substantial gold and treasury holdings, underpin a multifaceted capital structure. By converting passive holdings into active mining assets, Tether aims to generate operational yield and enhance asset security. Critics of large‑scale corporate mining warn of environmental strains and centralisation risks. Tether's emphasis on renewable energy uptake and decentralised software architecture reflects an attempt to mitigate these concerns. If MOS and energy projects deliver as promised, the model may provide a template for sustainable, corporate-scale participation in Bitcoin mining. Next steps include the public release of MOS, scheduled for later in 2025, alongside scaling up of energy infrastructure across targeted Latin American sites. Close monitoring of mining output, energy efficiency, and systems performance will determine whether Tether's pledge translates into actual dominance in global Bitcoin mining.
Forbes
20-06-2025
- Business
- Forbes
Urgent Upgrade Appeal After ‘Biggest Ever' 16 Billion Hack Hits Facebook, Google, Apple And Others
Passwords linked to accounts with Apple, Facebook, and Google as well as government services and other social media platforms are among a 'colossal" data breach, according to researchers. Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" 'This is not just a leak—it's a blueprint for mass exploitation," experts with Cybernews wrote. 'With over 16 billion login records exposed, cybercriminals now have unprecedented access to personal credentials that can be used for account takeover, identity theft, and highly targeted phishing.' The hack, which has been claimed to be the biggest ever and was earlier reported by Forbes writer Davey Winder, has led to the chief executive of major crypto company Tether declaring it's 'time to move beyond storing passwords in the cloud.' Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run Apple, Facebook, and Google passwords are believed to be among the 16 billion leaked by hackers. Paolo Ardoino, the chief executive of dominant USDT stablecoin issuer Tether, has said the company will release a password manager called PearPass. "The cloud has failed us. Again," Ardoino posted to X alongside an ad for PearPass that pitches it as a "fully local, open-source" app, adding: 'It's time to ditch the cloud.' Hacks and data breaches, which can lead to phishing attempts, are a major concern for crypto companies that are trusted to look after users' digital assets. A recent high-profile spate of physical attacks on bitcoin and crypto holders has escalated demand for services that keep user data secret. Replacing cloud-based security with passwords and encryption keys stored on a user's device means hacks on centralized services are less likely to put user data or personal information like emails, phone numbers or home addresses at risk. Tether—which has boasted it made $13 billion in profit last year, mostly from the interest earned on the funds it uses to back its $155 billion stablecoin—is scrambling to diversify its business as looming U.S. stablecoin regulation is expected to open up the market to tech companies, Wall Street giants and even retailers like Walmart. Tether's biggest rival Circle has seen its freshly IPO-ed stock price surge this week following the passage of the Genius Act stablecoin bill by the U.S. Senate, cheered by U.S. president Donald Trump. In an interview with influencer Anthony Pompliano, Ardoino said this week he believes Tether is a $2 trillion business and also teased a new product that will be launched this year in an interview out Monday with Bankless. "If we are living in a disaster scenario, we need to be able to have technology that works locally first," Ardoino told Pompliano.
CNBC
20-06-2025
- Business
- CNBC
Tether CEO Paolo Ardoino on the passage of GENIUS Act, future of stablecoins
Tether CEO Paolo Ardoino joins 'Squawk Box' to discuss the passage of the landmark GENIUS Act in the Senate earlier this week, details of the bill, impact on the future of stablecoins, and more.
