A CEO from Tether disputes a CEO from Ripple who said that USDt was being targeted by the United States.
Renowned stablecoin issuer Tether’s (USDt) CEO Paolo Ardoino has responded to Ripple CEO Brad Garlinghouse’s harsh comments. To set the scene, Garlinghouse just made the claim that Tether is a target of the US government.
Although USDt is a major participant in the crypto scene, Garlinghouse expressed his worries about its future significance in the crypto landscape because of the potential probe he hinted at.
In his reply on platform X, Ardoino accused Garlinghouse of being the “uninformed CEO” of a firm that is now facing its own legal troubles with the US SEC. In light of Ripple’s impending stablecoin debut, he accused Garlinghouse of trying to sow FUD (fear, uncertainty, and doubt) on USDt.
In light of this, Ardoino provided some information on the safety of the Tether USDt network. In response to doubts, Tether’s CEO emphasized USDt’s status as the most widely used stablecoin worldwide, especially in poor and emerging economies. He asserts that many communities without bank accounts use USDt as a substitute for traditional banking services.
In addition, Ardoino underlined Tether’s dedication to creating a safe and inclusive global financial system. He said that USDt continuously exemplifies all of the necessary characteristics for stablecoin acceptance, including price stability, liquid reserves, trustworthy custodians, and stringent compliance.
Even though Ardoino has been trying to get the word out about these good features via interviews, he claims that the mainstream media is still hesitant to cover them. He hypothesized that the media’s inclination towards sensationalism in opposition to stablecoin and cryptocurrencies may be an effort to protect the interests of the traditional banking industry.
Additionally, the CEO emphasized that the organization follows and conforms to OFAC/SDN listings. Tether has blocked over $1.3 billion in unlawful operations, including $1.6 million associated with terrorism, thanks to 124 law enforcement agencies from more than 40 countries, according to Ardoino.
In addition, he said that out of 339 requests for wallet blocking during the last three years, 158 of them were from US authorities, and that 198 of those requests occurred in the last year.
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