Dialogue Tether CEO: Sleep 5 hours a night, aiming for 100 times growth of Tether

Core Viewpoint

Deep Tide TechFlow

2025-10-20 20:42:25

Collection

Everyone should have their own mission, no matter how big or small, as long as it makes you happy.

整理 & 编译：深潮 TechFlow

Guest: Paolo Ardoino, Tether CEO & Bitfinex CTO

Host: Kevin Follonier

Podcast Source: When Shift Happens

Original Title: USDT Founder: Bitcoin, Gold, Stablecoin, & Tether, the Most Profitable Company in the World | EP 143

Release Date: October 16, 2025

Key Takeaways

Paolo Ardoino, CEO of Tether and CTO of Bitfinex, shared how he built one of the most profitable companies in the world—where each employee generates an average profit of about $100 million.

Tether launched USDT, the most widely used stablecoin globally, providing financial support to approximately 3 billion people worldwide who lack access to banking services, especially in countries facing extreme inflation and financial crises.

In the context of an increasingly unstable global economy, Paolo founded a company dedicated to bringing stability through "democratizing finance," achieving extraordinary success. Last year, Tether's revenue reached $13.7 billion.

Highlights

I usually sleep at least 5 hours a night. But the problem is my sleep is fragmented because I always keep notifications on, waking up every hour to check them before going back to sleep.
My hometown is a small village with only 600 people, so entertainment options are limited. I started learning programming at the age of 8, and this passion has continued through my university years and into the present.
I personally have very few hobbies. In fact, my only hobby is thinking every day about how to fulfill my mission of bringing stability to the world.
The existence of USDT is precisely to provide financial stability to those in emerging markets facing extreme economic instability.
Tether is not just a stablecoin company; it is a stability company. This is the mission of Tether and the true meaning of a "stability company"—a company with the ultimate goal of social stability.
What we need to do is democratize access to finance and technology, allowing more people to participate directly through peer-to-peer technology and decentralized finance.
Tether is a "once-in-a-century company. Unlike other companies that try to build closed ecosystems, Tether's platform is open to the entire world, which is a completely different business model and the key to our success.
Everyone should have their own mission, no matter how big or small, as long as it makes you happy.
People usually express emotions and thoughts through art, and I realized my way of expression is through programming. I can create my own world and invite people into it through programming.
Stablecoins are essentially the ultimate social network.
We hope to demonstrate to the world through this funding (of $20 billion) that Tether's mission goes far beyond this; our goal is to achieve 100 times growth. Tether has the capital, philosophy, and technological innovation to do anything we want.
If you create a product that can solve real problems, it has the potential to truly change the world.
Football is a global sport that can reach people from all walks of life, regardless of wealth. Therefore, investing in football clubs is a simple way to connect with global users; we hold a 10% stake in Juventus in Serie A.

Motivation for Continuous Effort

Kevin Follonier: Many of my guests share a common trait: they have experienced something in their lives that created a sense of imbalance. So, does Tether's mission relate to something you felt was missing in your youth?

Paolo Ardoino:

I consider myself lucky. Although my family was not wealthy, I learned the most important lesson from my family—hard work. I remember my grandparents, who have passed away, but ran a small farm in Italy. They focused on producing high-quality olive oil and tomatoes, paying great attention to detail. Whether it was tomatoes, sage, rosemary, or asparagus, they pursued excellence, and this passion carried through their lives.

My grandfather would wake up at five in the morning, take a nap at one in the afternoon, and continue working in the evening. This simple yet fulfilling life kept him happy. Although he only had a primary school education, he was excellent in mathematics. My parents are also hardworking role models. My mother is a kindergarten teacher, and my father was an ordinary employee who worked for Italy's national energy company and later retired in Israel. They are still alive, and I feel fortunate for that. After work, they would take us to play sports and then return to help on the farm. You could say our life from morning to night was about getting up, working hard, and completing tasks. But it was all filled with passion. I never heard them complain because for them, that was the essence of their mission.

Everyone should have their own mission, no matter how big or small, as long as it makes them happy. So when someone says to me, "Oh, you work so hard," I reply, no, the meaning I see in hard work goes far beyond that; I am definitely not just working hard.

My schedule is also quite unique. I usually sleep at least 5 hours a night. But the problem is my sleep is fragmented because I always keep notifications on, waking up every hour to check them before going back to sleep.

Kevin Follonier: You've been doing this for 11 years, sleeping 5 hours a night and waking up every hour? Do you catch up on sleep during the day?

Paolo Ardoino:

No. If I nap during the day, I feel groggy. So I never take naps.

Programming Since Age 8

Kevin Follonier: You started programming at 8? How did that happen?

Paolo Ardoino:

My father worked for the Italian national energy company. In the early 90s, Italian public enterprises began introducing computers to improve efficiency and modernize. As we know, Italy's bureaucracy is very complex, and many tasks are time-consuming, so the introduction of computers significantly improved work efficiency. My father was passionate about these new technologies. I remember when I was 7, he brought home a computer and told me it was very expensive, costing the equivalent of two months' salary. Although I didn't understand the concept of two months' salary at the time, he told me it was very costly and to be careful not to break it.

As the only child in the family, I was naturally curious about this computer. We had floppy disks to play games, but due to financial reasons, we couldn't afford many games. Moreover, in Italy in 1991, game resources were hard to find. My hometown is a small village with only 600 people, so entertainment options were limited. Over time, I grew tired of the existing games and had the idea of creating my own. I asked my father if he could buy me a book on how to program and make games. He replied, "Well, Paolo, I can buy it, but it costs 60,000 lira."

At that time, Italy was still using lira as currency. He asked me, "Are you sure you want to buy this book? Because it's expensive." I said, "I want to learn." Then he brought the book home, and I started learning programming, a passion that has continued through my university years and into the present.

The Infinite Possibilities of Programming

Kevin Follonier: You mentioned that programming is a unique form of expression, different from other art forms, that can unleash human imagination and allow us to create entirely new worlds full of infinite possibilities. Can you elaborate on your thoughts?

Paolo Ardoino:

Of course. To be honest, I don't excel in traditional art forms. Although I used to be a decent guitarist, I haven't played in years. In other artistic fields, I can say I have no talent at all. For example, in school art classes, whether it was technical design or other hands-on projects, my work always seemed chaotic. I remember when I drew, my arm would swing too much, and the pencil would move randomly on the canvas, resulting in outcomes that were always unsatisfactory. I couldn't color, let alone sing; I couldn't even manage the most basic forms of artistic expression.

But people usually use art to express emotions and thoughts, and I realized my way of expression is through programming. I can create my own world and invite people into it through programming.

What is a Stablecoin & Why is it Important?

Kevin Follonier: You use programming to create stablecoins. What is a stablecoin? How would you explain it to a mother?

Paolo Ardoino:

In simple terms, a stablecoin is a digital currency, just like the digital balance you see in your bank account. But the difference is that stablecoins use blockchain technology for transfers instead of relying on the banking system. You can think of it as a "digital dollar" that can circulate freely around the world like cash.

Blockchain is a decentralized technology, similar to a large database without borders, with its servers distributed worldwide rather than concentrated in a single bank or institution. We use the best form of database—a decentralized database—to move dollars.

Kevin Follonier: Why are stablecoins so important in our world?

Paolo Ardoino:

The significance of stablecoins lies in their ability to provide solutions for billions of people worldwide who lack financial services. These individuals often live in countries with high inflation, such as Europe, where inflation rates range from 30% to 34%, Turkey at 50%, Nigeria even higher, and Argentina sometimes exceeding 200%. In these countries, high inflation causes local currencies to depreciate rapidly, severely impacting people's purchasing power. Now in 2025, everyone is interested in stablecoins.

In developed countries like the U.S. and Europe, the efficiency of the financial system is already high; you likely have a bank account, credit card, and payment tools like Cash App or PayPal, with almost no barriers to daily transfers. But in some developing countries, the efficiency of the financial system may only be 5%, and many people can't even open a bank account. Stablecoins, through blockchain technology, can elevate financial efficiency in these areas to 60% or 70%. For people living in remote villages in Africa, this change is monumental; it not only allows them to participate in the global economy but also brings them more opportunities.

The internet began to realize this connection; in fact, the internet is a way to invite people into a global context, but without financial services, the internet is meaningless. I believe stablecoins are, in this sense, the ultimate social network, because the currency of social networks, in my view, is the ultimate social network, as it involves interpersonal interaction, peer-to-peer interaction, and it inherently contains value and the information you want to transfer.

Tether's Mission & Becoming a Stability Company

Kevin Follonier: So what is your mission?

Paolo Ardoino:

My mission is to bring stability to the world. In a world that is gradually moving towards unrest and chaos, I believe stability is particularly important. This may sound strange, but Tether's success is actually closely tied to the exacerbation of many global issues. If the financial system were fair, resources were accessible, and it operated normally, then USDT would not need to exist. The existence of USDT is precisely to provide financial stability to those in emerging markets facing extreme economic instability.

As a developer, I believe we are shaping Tether to be a leader in technology, not just in finance but also in telecommunications, social media, and energy, among other industries. Our goal is to use decentralized technology to make these industries more open and accessible, just as we have done in the dollar and financial sectors; this is the core mission of Tether. It is worth mentioning that most of the profits we earn are not distributed to shareholders; about 95% of the profits remain within the company, invested in new things and new ideas to support our mission.

I personally have very few hobbies. In fact, my only hobby is thinking every day about how to fulfill this mission. I am very obsessed with this question; I am the kind of person who gets immersed in a field, which basically occupies my entire life.

Kevin Follonier: You mentioned in Docker Times that as global instability increases, Tether will continue to invest part of its profits in safe assets like Bitcoin, gold, and land. So, what is a stability company?

Paolo Ardoino:

I often think about what a true "stability company" is. Once, a journalist asked me how to define Tether in a few words, and he tried to say that Tether is a stablecoin company. My response was, Tether is not just a stablecoin company; it is a stability company.

In my view, access to technology and finance is key to social stability. If people can easily access technology and financial services, they will have less motivation to create chaos and instability. Often, the root of social unrest lies in people's dissatisfaction, which often stems from extremely difficult living conditions.

Of course, social instability has other causes, but overall, I believe global stability is closely related to the significant disparities between countries and regions. In the past 20 to 30 years, although technology has attempted to bridge these gaps, it has actually exacerbated inequality. The same situation occurs in the financial sector—about half of the global population cannot reliably access financial services, not even the opportunity to open a bank account. This is not because they are untrustworthy, but because their level of poverty makes banks uninterested. This phenomenon is particularly evident in some African countries or Central America, severely impacting stability in these regions, as the distribution of technological and financial resources is entirely skewed towards a small wealthy elite.

What we need to do is democratize access to finance and technology, allowing more people to participate directly through peer-to-peer technology and decentralized finance. I believe that when people's lives, families, communities, and nations become more stable, they will have less motivation to create chaos. This is the mission of Tether and the true meaning of a "stability company"—a company with the ultimate goal of social stability. We have proven that such a company can be established. Moreover, it is encouraging that the more we strive in this direction, the stronger the company's profitability will be.

This is also why I define Tether as a "once-in-a-century company." This is not a boast; rather, Tether's uniqueness lies in the fact that the more it promotes open-source, openness, and decentralization, the more it can attract a broader user base. These users use the tools provided by Tether to achieve financial freedom and freedom of speech, and the more widespread this process is, the more value the company's data can create. Unlike other companies that try to build closed ecosystems, Tether's platform is open to the entire world; this is a completely different business model and the key to our success.

Tether: The Most Profitable Company Per Employee Globally

Kevin Follonier: You mentioned that Tether is one of the best companies in the world, with a profit margin of up to 99%. How did you build a company where each employee averages about $100 million in profit per year? Have you thought deeply about this question?

Paolo Ardoino:

To be frank, I haven't specifically thought about such data. We always focus on optimizing efficiency; whenever we do something, I ask myself: Why are we doing it this way? Is there a better way? How can we further enhance efficiency? Two years ago, Tether's team size was only 40 people, but as the business expanded, our current employee count has grown to 250 to 300 people, including many developers, as we are expanding into new fields like artificial intelligence. However, the team responsible for core stablecoin management remains around 100 people.

Of course, the current high-interest-rate environment greatly aids our profitability. Before 2022, global interest rates were relatively low, and this change was unpredictable. Additionally, the impact of the pandemic was also unexpected; these factors collectively drove our profit growth. However, we believe that by continuously expanding into new business areas, we can help maintain a high level of profitability in the long term. Optimizing efficiency and seizing opportunities are the keys to our success.

Why Raise $20 Billion?

Kevin Follonier: You recently announced that you are considering raising $20 billion and valuing the company at $500 billion. If this funding were available tomorrow, how do you plan to use it?

Paolo Ardoino:

Last year, we achieved a profit of $13.7 billion, and this year's performance is expected to be comparable. But I want to emphasize that our purpose in raising funds is not just to make money but to convey an important message. Just like the Joker said in "Batman," "It's not about money; it's about sending a message." We hope to demonstrate to the world through this fundraising that Tether's mission goes far beyond this; our goal is to achieve 100 times growth.

Once in a public setting, I mentioned that I am a loyal fan of Peter Thiel and am reading his book "Zero to One." However, it is no longer an era where startups can earn huge profits through simple data growth. I prefer to say that our goal is to move from our current foundation to the "zero to 100" stage. I once metaphorically referred to it as "0.25" because we are just getting started.

The reason I say this is that it is not about how much money we have made, but about the potential we believe needs to be seized to express our view of this opportunity.

I define Tether as a once-in-a-century opportunity because I believe every company needs three things: philosophy, direction, and capital. First, you need to have a philosophy or belief that clarifies what kind of company you want to become; second, you need the ability to innovate, whether in technology or other fields; third, you need capital. Most companies only possess one or two of these three elements. You can be a large-scale innovator with the right philosophy, but without funding, you need to raise money and seek venture capital firms. However, the incentive mechanism of venture capital firms is to earn more money than they invest in you, which can deviate from your original project, philosophy, and ideas.

I believe in this context, Tether has the capital, philosophy, and technological innovation to do anything we want. Therefore, the message we convey is that we have much more to showcase, we want to grow significantly, and our vision is incredible. We hope to have partners join our company to help us realize this unique and powerful vision; we do not want to mess this up.

Why Did Tether Invest in @Plasma?

Kevin Follonier: Tether recently invested in a company called Plasma, whose founder Paul previously participated in our podcast and helped us build this platform. So why is Plasma so important that Tether decided to invest in them?

Paolo Ardoino:

I believe Tether's USDT is not just a digital currency; it is also an important component of blockchain technology. Stablecoins are essentially digital dollars based on blockchain technology. However, over the past few years, the direction of blockchain technology development has deviated somewhat. Many developers focus more on quickly launching hype-driven blockchain projects, like meme coins such as Dogecoin. While this approach may be effective in the short term, it does not truly promote the long-term development of the industry. Nevertheless, such projects have indeed made some teams money.

The success of USDT proves one fact: If you create a product that can solve real problems, it has the potential to truly change the world.

Therefore, I believe that blockchain based on stablecoins or focused on a specific use can make stablecoin transfers very cheap and easy to use. For example, if you have stablecoins on Ethereum, you still need to buy ETH as gas to transfer USDT, and this user experience needs improvement. I think, despite the blockchain industry having developed for many years, the quality of user experience remains low because we have focused our attention on the wrong things, only caring about our own "ecosystem," which primarily consists of geeks and those with time to learn new things. However, for most ordinary people, this approach does not apply. This is also why USDT is so popular globally, as USDT is not catering to those looking to speculate.

An interesting statistic shows that 67% of USDT transactions are merely for transferring funds, while only 10% to 20% of transactions involving other stablecoins involve transferring other assets. This indicates that most users of USDT are simply seeking to obtain a stable value of $1. In contrast, 80% of other stablecoin users are simultaneously transferring other assets, meaning they are more inclined to trade assets in the DeFi space. Therefore, I would prefer USDT to serve the tens of millions of ordinary users living in Africa rather than just meet the needs of 10,000 bankers in New York.

Why Did Tether Acquire a 10% Stake in Juventus Football Club?

Kevin Follonier: Tether recently invested in Juventus Football Club and holds about a 10% stake. This raises the question of why a company focused on stablecoins would choose to invest in a football club?

Paolo Ardoino:

First, both Giancarlo and I are loyal fans of Juventus. Giancarlo is from the Piedmont region of Italy, and Juventus is the representative team of that land. I grew up near Genoa, about 80 to 100 kilometers from Turin. Many people from my hometown go to Piedmont for vacation, so Juventus has a significant influence. My father is a Juventus fan, and I inherited his preference, as did Giancarlo.

Another reason is that we believe the football industry in Italy needs modernization. In Italy, football clubs are often used as tools of power by entrepreneurs who typically own both media and clubs and engage in political activities through these resources. In contrast, we see investments in the football industry from countries like Saudi Arabia and clubs like Chelsea, Manchester United, and Paris Saint-Germain, which have already amassed hundreds of millions of fans globally. Football is a global sport that can reach people from all walks of life, regardless of wealth. Therefore, investing in football clubs is a simple way to connect with global users.

We hope that Italian football clubs can establish closer ties with fans, spread positive values, and achieve profitability through modern management practices. The success of the club should be based on the strength of the team, match results, and interaction with fans. However, in many Italian clubs, this model has not yet been fully realized. Through our investment in Juventus, we hope to drive transformation in the Italian football industry, making Juventus more international and forward-looking.