Paolo Ardoino: Stable currency with full reserve support is safer than monetized bank deposits

Tether CEO Paolo Ardoino, in response to BIS criticism of the Stable Currency, stated that the Stable Currency was fully held in a liquid asset reserve, while bank deposits were supported by bank commitments alone and lacked deposit insurance protection. In his view, the fear of the BIS for a stable currency revealed the very nature of some of the reserve systems in the traditional financial system, which would face challenges if the public realized that the stable currency was safer and that savings were transferred。