Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Tether CEO Slams Ripple Chief for Spreading FUD About USDT

CryptopotatoCryptopotato2024/05/13 17:07
By:Mandy WilliamsMore posts by this author

Ardoino expressed his disappointment at mainstream crypto media peddling unhealthy narratives about Tether.

Tether CEO Paolo Ardoino has slammed Ripple chief executive Brad Garlinghouse for spreading fear, uncertainty, and doubt (FUD) about USDT, its largest stablecoin offering.

In a Monday tweet , Ardoino outlined Tether’s efforts to sustain a global financial ecosystem while maintaining regulatory compliance by working with law enforcement agencies to combat criminals.

Spreading FUD About USDT

CryptoPotato reported earlier on Monday that Garlinghouse expressed concern over the United States government’s scrutiny of Tether during a recent interview with Chris Vasquez on the World Class YouTube channel.

The Ripple chief said the U.S. government was going after Tether, and he was uncertain what the impact of the scrutiny would be. Although he did not label any potential enforcement action against the stablecoin company as a black swan event, he predicted that one such incident could occur soon. However, he believes Tether’s potential saga with U.S. authorities would be interesting.

Garlinghouse’s remarks have drawn a much-expected reaction from Tether’s chief executive. Ardoino called the Ripple boss “an uninformed CEO” who is leading a firm being investigated by the U.S. Securities and Exchange Commission. He asked the rhetorical question “cui prodest,” referring to Ripple’s plans to launch a stablecoin in the coming months.

Tether’s Compliance Efforts

In addition, Ardoino provided an update on the safety of the USDT ecosystem. He explained that the stablecoin and Tether’s other products heeded sanction lists provided by the U.S. Office of Foreign Assets Control. The company’s collaboration with law enforcement agencies across over 40 countries has enabled it to block over $1.3 billion in crypto and roughly 339 wallets tied to illicit financial activities.

Ardoino expressed his disappointment at most mainstream crypto media peddling unhealthy narratives about Tether, even though he has revealed information about the firm’s contribution to the crypto space in many interviews. He said the media was likely spreading the narrative to “protect the old guard of the financial establishment.”

The Tether CEO insisted that Tether cooperated directly with regulators, unlike other stablecoin issuers who require judge orders to operate.

“At Tether, we believe that our main mission is to ensure that our entire community can benefit from a safe global financial ecosystem. There are, in fact, different crucial requirements that stablecoins need to fulfill in order to become widely adopted. USDt proved overtime to have strong price stability, highly liquid reserves, top tier custodians and profound compliance,” the Tether chief stated.

You Might Also Like:

  • Ripple CEO Brad Garlinghouse Names the Next Crypto Target of the US Govt
  • Bullish? 3 Billion USDT Entered These crypto exchanges in Just 3 Days: Data
  • Tether Launches USDT and XAUT on The Open Network (TON)
Tags: Ripple SEC Tether (USDT)
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

You may also like

The German government currently has 13,110 BTC left

Cointime2024/07/10 12:46

Vitalik: Ethereum network should respond to 51% attacks in a more automated way

Odaily2024/07/10 12:33

The German government currently has 13,110 BTC remaining, with a total value of $637 million transferred out

Odaily2024/07/10 12:33

Animoca Brands: Digital assets held on balance sheet are approximately $203 million

Odaily2024/07/10 12:33

‌Spot copy trading

More
AIOnline
AIOnline
insight999/1000
10021.3%
ROI
Total profit $51108.61
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1335.24%
ROI
Total profit $3877.04

Bot copy trading

More
Morgee
Morgee
insight80/150
$16485.01
Total profit
Total subscriber profits $-226.44
GoldenEgg
GoldenEgg
insight148/150
$3228.53
Total profit
Total subscriber profits $-284.87