Why I Prefer Tether Over Circle: On Stable Culture
A ship in a harbour is safe but that is not what ships are built for
During my career in Web3, I have always chosen culture over everything else. If you go for dollars and dollars only, you won’t outlive a shitty culture. Same goes for companies I look up to. I look at who they hire, how the employees speak, how leadership communicates, and what they are saying.
In this battle for stablecoin supremacy, it’s easy to get caught up in metrics like market share, reserves, and adoption. But for me, I prefer Tether over Circle based on culture. Tether embodies a resilience and grit that resonates deeply with anyone who’s followed their journey. While they may no longer be the underdog, their ethos of persevering through relentless FUD and continuously building innovative products sets them apart. If you watch Jeremy speak it’s like I’m looking at a Ben Bernanke and Hank Paulson crossover.
A Tethered Mentality: Building Amidst the Chaos
From the start, Tether has faced an unparalleled level of scrutiny. Permacritics like "Bitfinexed" and waves of paid FUD campaigns have sought to undermine its legitimacy year after year, starting as far back as 2017. Allegations about its reserves, conspiracy theories, and calls for its collapse have been relentless. Yet here Tether is, not just surviving but thriving.
Despite an always obnoxious noise, Tether’s focus has remained steadfast: building, delivering value, and providing an infrastructure to those who lack access to traditional banking services to engage in the global economy. Whether it’s launching innovative products, expanding into new markets, or their bold decision to allocate profits to Bitcoin purchases, Tether makes me feel something.
Circle: Polished, but a Governmental Lapdog
Circle presents itself as the polished poster child of corporate crypto, but scratch the surface, and it’s clear they’re little more than a governmental lapdog. Their obsession with compliance and regulatory alignment doesn’t just scream subservience; it defines them. Instead of embodying a crypto ethos, Circle embraces the very systems crypto seeks to disrupt, complete with the corporate culture lingo and mentality to match. Just check how their employees communicate on LinkedIn. Their focus on playing nice with regulators and projecting a spotless image to traditional finance reeks of a company more interested in maintaining appearances than building for the people. It's crypto wrapped in an overpriced, depegged suit.
Tether’s Legacy: The Spirit of Builders
It’s important to note that while Tether is no longer the scrappy underdog, their mentality hasn’t changed. They’ve proven time and again that they can endure pressure that would crumble most companies. Instead of folding under FUD, they’ve doubled down.
Tether has been quietly expanding its ecosystem, from stablecoins tied to gold to exploring energy innovation with Bitcoin mining to investing in MiCA-compliant stablecoin proxies. Their decision to allocate profits toward buying Bitcoin shows how they are more of a Bitcoin company than anything else. most of their strategic moves align them more closely with crypto-native (or should I say Bitcoin native) ideals than any other stablecoin issuer. Their products are accessible in regions where financial inclusion is more than a buzzword; it’s a necessity as a way out of kleptocrat-induced hyperinflation.
Why Culture Matters; Rooting for Grit
For me, Tether represents the very essence of crypto: resilience, innovation, and a refusal to back down from a challenge. Competitors focus on polishing their image, and sure, Tether does too, but Tether also focuses on delivering value and staying true to its roots. The mission is clear, and it’s in alignment with a mission that remains unchanged.
Narratives change in a tweet; reputations are built and destroyed overnight; Tether’s focus on execution is a testament to its cultural strength. They’ve taught this entire space that surviving the storm isn’t enough; you need to become a master at 4D chess.
I don’t root for Tether because they’re the biggest. I root for them because of their culture; a culture defined by grit, resilience, and a relentless drive to build.
I love stablecoins, Tether in particular, and I will be writing about the ongoing and ever-increasing future stablecoin war. Stay tuned for insights, drama, and analysis as it all unfolds.
P.S. In case you didn’t realize, I am not Patrick Hansen.