Podcast Summary:

The Wolf Of All Streets
Episode: "The REAL Battle For Bitcoin & Stables Is Just Getting Started"
Guests: Paolo Ardoino (Tether CTO & CEO), Bo Hines (Tether USAT; former policy advisor)
Host: Scott Melker
Date: February 8, 2026

Episode Overview

Scott Melker hosts Paolo Ardoino and Bo Hines for an in-depth discussion on the evolving role of stablecoins—especially Tether and its new US-focused product, USAT—in the global and US financial landscape. The episode explores the legitimization of crypto-backed financial technology, the waning division between traditional banking and crypto, Tether’s expansion into infrastructure beyond finance (AI, energy, and communications), and the battle to determine who owns the rails of the future financial system.

Key Discussion Points & Insights

1. The Turning Point for Tether and Stablecoins

• Regulation Catches Up: 2025 brought the passage of the Genius Act, bringing regulatory legitimacy to technology Tether built in 2014.
  • Paolo: "It was an important year because genusact passed...the year of the Legitimization of a technology that tether built in 2014." (02:19)
• Stablecoins as Core Infrastructure:
  • Paolo notes stablecoins are no longer a "niche" but "the biggest financial inclusion success story in the history of humanity" with 536 million users. (09:05)
  • Scott asserts: "Stablecoins are no longer a niche crypto experiment. They're becoming core financial infrastructure." (00:22)

2. Launch and Purpose of USAT

• New US-Focused Stablecoin:
  • Bo Hines: USAT is "the first Genius Act-compliant product that exists in the marketplace," enabling US institutions access to the Tether ecosystem previously unavailable. (04:46)
  • Bo Hines: "It unlocks this network of liquidity and distribution for folks here that they've been clamoring for access for, for years..." (00:57, 34:18)
• Compliance and Interoperability:
  • USAT is one-to-one backed, transparent, and issued through a US-licensed bank (Anchorage), allowing for seamless movement between USAT and USDT. (36:37)

3. Institutions, Regulation, and the “Real Battle”

• Not Crypto v. Banks Anymore:
  • The core competition is for "liquidity, distribution and who becomes the rails of the next financial system." (00:44)
• Institutional Onboarding and Education:
  • Bo describes the dramatic shift: "Banks are starting to realize it's probably not the best idea to issue their own stable..." (06:37)
  • Paolo likens the banks’ adoption curve to "the horse industry... seeing cars as a threat"—banks that adapt can "leapfrog 40 years" of outdated infrastructure. (10:09)
• Risks If Done Wrong:
  • Paolo cautions about possible missteps, alluding to past meltdowns (e.g., Terra, SVB) and emphasizing the need for real expertise. (11:31)

4. Tether’s Expansion Beyond Finance

• AI, Energy, Telecommunications:
  • Paolo lays out Tether's broader vision: "We build peer to peer energy, decentralized energy in Africa...telecommunication...peer to peer telecommunication system...AI...[resilient]...distributed...helpful..." (18:15–22:26)
  • Tether’s model is about "disintermediation"—bypassing centralized systems to serve the unbanked and underpowered globally.

5. User Experience and Widespread Adoption

• Seamless Integration:
  • Bo foresees retail and banks meeting in the middle—stablecoins will be used inside banks and by consumers for daily activities (payroll, remittances, mortgage payments). (23:21)
  • Paolo stresses the need to "abstract away" the crypto elements so users just see a dollar and don't have to navigate complex crypto concepts. (26:39)
• Metrics of Success:
  • Scott: "We’ll know we’ve won when...somebody just thinks they’re sending dollars...and they don’t care...what stablecoin it was." (26:03)

6. Gold as a Strategic Hedge

• Tether Gold Adoption:
  • Paolo recounts the early skepticism, then explosive growth of Tether Gold, now with ~$3B market cap and millions of users globally, especially as traditional reserves are questioned. (29:31)
  • Tether uses gold as stability against global macro uncertainty, not speculation. (32:34–33:44)
• Notable Quote:
  • "If a black swan event happens ... the world will go back to gold, not yet to bitcoin. I believe it's a problem of generational change." (30:29)

7. The Next Decade: Tether’s Vision

• Programmable Money and AI:
  • Paolo’s vision includes a future where stablecoins are “the connecting tissue” not just for people, but between "a robot, a self driving car, a person, a smart fridge, an intelligent light bulb...hundreds of AI agents." (39:33)
• “Stable” Company, Not Just Stablecoin:
  • Tether aims to be the glue for a stable society in a world of rapid technological, financial, and demographic change.

Notable Quotes & Memorable Moments

• Paolo Ardoino:
  • “Tether is not a stablecoin company. Tether is the stable company.” (03:05)
  • "We build technology to empower society to remain stable." (03:35)
  • "Today we have 536 million users across the world. That is the biggest financial inclusion success story in the history of humanity." (09:09)
  • "We learnt with USDT is the power of disintermediation, the power of bringing tools directly in the hands of the people." (18:54)
  • "In 10 years we are going to see a coexistent of humans, robots and a trillion of AI agents...Technology is the bond to keep society united, stable, fair, transparent." (39:33)
• Bo Hines:
  • "What you'll find is that really two things matter: distribution and liquidity." (06:37)
  • "I think that Americans will pick up on the idea and concept of stablecoin integration from a retail level...eventually, I envision a world in which you're going to have access to a stablecoin wallet through your banking UX." (23:18)
  • "Eventually you're just going to see basically stablecoin sandwiches built. Deposits will be tokenized, everything will be moving through stables." (00:57, 41:46)
• Scott Melker:
  • "Nobody wants...As stable as it is, as safe as our money is, the pain points are real." (23:13)

Timestamps for Key Segments

• 00:15 – Paolo on Tether’s long-haul vision
• 00:57, 41:46 – Bo Hines on the “stablecoin sandwich” and rails battle
• 02:19 – Paolo: Meaning of Genius Act and regulatory coming-of-age
• 04:46 – Bo: USAT’s purpose, regulatory edge, and institution onboarding
• 09:05 – Paolo: Stablecoins as financial inclusion
• 11:31 – Paolo: Risks of stablecoin mismanagement
• 18:15–22:26 – Paolo: Tether’s expansion into AI, energy, and decentralization
• 23:21 – Bo: US stablecoin adoption scenarios
• 26:39 – Paolo: User experience and crypto abstraction
• 29:31–33:44 – Paolo: Tether Gold adoption, strategy, and philosophy
• 34:18–36:37 – Bo: USAT’s regulatory specifics and interoperability
• 39:33 – Paolo: 10-year vision—coexistence of human, AI, and robots via stablecoins
• 41:46 – Bo: Stablecoin future in US banking

Tone & Style

The conversation is optimistic but realistic, deeply informed, and often playful (e.g., jokes about Scrooge McDuck and gold, or robots debating politics). Paolo is philosophical and visionary; Bo is grounded and strategic; Scott drives the discussion to practical implications for both institutions and everyday users.

Final Takeaways

• This episode offers a front-row seat to the changing landscape, where stablecoins graduate from crypto niche to essential financial and technological infrastructure.
• Tether’s goal: "To be the stable company," building societal resilience by empowering billions across finance, technology, and inclusion.
• In the future, stablecoins may power not just payments, but the rails beneath everything—humans, machines, AI, and devices in a hyperconnected world.