In some criticisms that focused on two industry giants, Tether e Ripple, the two CEOs of the companies had barbs in a recent imbroglio. Paolo Ardoino, CEO of Tether, came to the defense of the issuer's native stablecoin, USDT, after Brad Garlinghouse, the CEO of Ripple, raise some concerns about cryptocurrency.
Paolo Ardoino responded, on May 13, to critical comments from Brad Garlinghouse, who recently stated that the United States government is targeting Tether. In his statement, the Ripple CEO highlighted that although he considers the USDT A significant player in the industry, he has doubts about his future impact on the scene because of the alleged investigation.
When responding to criticism, Ardoino called Garlinghouse an “uninformed CEO,” noting that the executive leads a company that is being investigated by the Securities and Exchange Commission (SEC) from the USA. Tether CEO accused Garlinghouse of spreading FUD about USDT, the biggest stablecoin on the market, mainly because Ripple is developing its own stable coin, which should be launched soon. In his response, Ardoino presented some details about the security of the Tether (USDT) ecosystem.
“Let me give you an update on the security of the Tether USDt ecosystem. USDt is the most used stablecoin in the world, with hundreds of millions of users mainly in emerging markets and developing countries. Entire communities in these regions do not have bank accounts, are left behind by the traditional banking system because they are too poor to have interest and use USDt daily as a checking and savings account.”
An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.
Let me give you an update on Tether USDt ecosystem safety.
USDt is the most used stablecoin in the world, with…
— Paolo Ardoino (@paoloardoino) May 13, 2024
Ripple CEO Warns: US Action Against Tether Could Affect Crypto Stability
Recently, Brad Garlinghouse, the CEO of Ripple, raised concerns about what he perceives as the persecution of Tether by the United States government. In a statement made during a May 10 episode of the podcast, Garlinghouse speculated on the possible implications of such regulatory actions, predicting potential unpredictable events in the future. cryptocurrency market.
“The US government is going after Tether, that’s clear to me,” said Garlinghouse, highlighting the stablecoin’s importance in the crypto ecosystem. The discussion becomes even more relevant when considering Ripple's plans to launch its own stablecoin in 2024, which could change the balance of power in the digital financial market. Tether Holdings, Tether's parent company, has already faced several accusations and investigations.