Tether CEO Slams Ripple Chief for Spreading FUD About USDT

Tether CEO Paolo Ardoino has accused Ripple CEO Brad Garlinghouse of spreading fear, uncertainty, and doubt (FUD) about his company’s largest stablecoin, USDT.

on monday TweetArdoino outlined Tether’s efforts to sustain the global financial ecosystem while maintaining regulatory compliance by working with law enforcement and fighting criminals.

Spreading FUD about USDT

CryptoPotato Garlinghouse expressed concerns about the U.S. government’s oversight of Tether during a recent interview with Chris Vasquez on the World Class YouTube channel, it was reported on Monday.

The Ripple CEO said that the U.S. government is pursuing Tether and it is unclear what the impact of that investigation will be. He did not call any enforcement action against the stablecoin company a black swan event, but predicted that such an incident could happen in the near future. However, he thinks that a potential tussle between Tether and U.S. authorities will be interesting.

Garlinghouse’s comments predictably drew a response from Tether’s CEO. Ardoino called Ripple’s CEO a “clueless CEO” leading a company under investigation by the U.S. Securities and Exchange Commission. He referred to Ripple’s plans to issue a stablecoin in the coming months and rhetorically asked, “Who benefits?”

Tether’s Compliance Commitment

Additionally, Ardoino provided an update on the security of the USDT ecosystem. He explained that the stablecoin and Tether’s other products comply with the sanctions list put forward by the U.S. Office of Foreign Assets Control. The company cooperates with law enforcement agencies in over 40 countries and has been able to block over $1.3 billion in cryptocurrencies and approximately 339 wallets linked to illicit financial activities.

Ardoino expressed disappointment that most of the mainstream crypto media is pushing an unhealthy narrative about Tether, despite the fact that he has revealed information about the company’s contributions to the crypto industry in numerous interviews. He said the media is likely pushing that narrative to “protect the old guard of the financial establishment.”

Tether’s CEO claimed that unlike other stablecoin issuers that require court orders to operate, Tether is working directly with regulators.

“At Tether, we see our primary mission as ensuring the entire community can benefit from a secure global financial ecosystem. Indeed, for a stablecoin to gain widespread adoption, there are several key requirements it must meet. USDT has proven over time to have strong price stability, high liquidity reserves, top-class custodians, and thorough compliance,” Tether’s chief executive said.

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