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Tether Attacks Ripple CEO Over USDt FUD, Calls Him “Uninformed CEO”

source-logo  coinedition.com 13 May 2024 11:44, UTC

Paolo Ardoino, the CEO of prominent stablecoin issuer Tether (USDt), has fired back at the critical remarks of Ripple CEO Brad Garlinghouse. For context, Garlinghouse recently asserted that the U.S. government is targeting Tether.

Garlinghouse expressed that while he considers USDt a significant player in the crypto scene, he doubts its future impact on the crypto landscape due to the supposed investigation he hinted at.

Ardoino, in his response on platform X, directly referred to Garlinghouse as an “uninformed CEO” of a company currently dealing with its own legal issues with the U.S. SEC. He accused Garlinghouse of spreading fear, uncertainty, and doubt (FUD) about USDt, particularly as Ripple is preparing to launch its own stablecoin.

Accordingly, Ardoino presented some details regarding the security of the Tether USDt ecosystem.

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

Tether’s CEO defended USDt against skepticism by highlighting its role as the most utilized stablecoin globally, particularly in emerging markets and developing countries. According to him, USDt serves as a de facto checking and savings account for many unbanked communities.

Furthermore, Ardoino emphasized Tether’s commitment to fostering a secure global financial system that is accessible to all. He outlined vital attributes for stablecoin adoption: price stability, liquid reserves, reputable custodians, and strict compliance—all of which he asserts USDt consistently demonstrates.

Meanwhile, Ardoino claimed that despite his efforts to communicate these points through interviews, mainstream media has been reluctant to report on such positive aspects. He suggested that the media’s preference for sensationalism against stablecoin and cryptocurrencies might be an attempt to safeguard the interests of the established financial sector.

Furthermore, the CEO highlighted that the company respects and complies with OFAC/SDN lists. Ardoino added that Tether has collaborated with 124 law enforcement agencies from over 40 countries, blocking over $1.3 billion related to illicit activities, including $1.6 million tied to terrorism.

Moreover, he claimed Tether has responded to 198 law enforcement requests to block wallets in the past year, with 90 from U.S. agencies and 339 over three years, with 158 from U.S. agencies.

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