The logos of the cryptocurrencies Bitcoin (BTC), Ethereum (ETH), the stablecoin Tether (USDT) and Binance Coin (BNB) can be seen on the trading platform CoinMarketCap.
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Paolo Ardoino, the CEO of Tether, is set to speak Tuesday at the DC Fintech Week conference at Fannie Mae's headquarters in Washington, D.C.
Tether is the company behind the largest stablecoin, USDT, which is pegged to the U.S. dollar. It is the third-largest cryptocurrency by market capitalization, according to CoinMarketCap. USDT accounts for about 71% of the market of U.S. dollar-backed stablecoins, with a market cap of about $120 billion, according to CryptoQuant.
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Tether has faced criticism over a lack of transparency, while USDT has come under fire for its alleged use by criminals. Nevertheless, it remains the most popular and most easily accessible stablecoin due to its ubiquity across global exchanges.
Ardoino's remarks arrive as stablecoins become increasingly important to institutions. While the U.S. has been slow to implement clear rules for stablecoin operators and industry partners, Europe's Markets in Crypto-Assets regulation will fully take effect by the end of this year, which could have big implications for Tether.
