In Argentina, cryptocurrency exchanges have become influential in the currency markets, with the Tether-peso trading pair on cryptocurrency exchanges often used as a proxy for dollar exchange rates. US dollars and pesos. The broader cryptocurrency market recovered from the recession in 2022, with Bitcoin reaching a new all-time high in March, fueled by enthusiasm for capital flows into exchange-traded funds. US spot bitcoin exchange (ETF). This resurgence has also supported Tether's growth, Ardoino said.
Ardoino, who took on the CEO role in December while remaining interim chief technology officer, announced that the company is expanding its team to about 150 employees, up from 100 currently. , as it ventures into new areas such as artificial intelligence.
Tether, ranked as the third largest cryptocurrency, maintains that it preserves its dollar exchange rate by holding dollar reserves equal to the volume of the cryptocurrency it issues. The statement comes as US regulators warned banks about the possibility of rapid capital outflows from stablecoin reserves, in scenarios where token holders may seek to transfer exchange their shares back into traditional currency.
