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Paolo Ardoino, Tether’s CEO, stirred up a storm on Twitter by calling out Brad Garlinghouse, the CEO of Ripple, amid SEC investigations and the launch of Ripple’s stablecoin. Ardoino branded Garlinghouse as “an uninformed CEO,” accusing him of spreading unnecessary fear about Tether’s USDt. His fiery tweets aimed to set the record straight about USDt’s standing and reliability.
Spotlight on USDt’s Global Impact
USDt isn’t just another stablecoin. It’s a financial backbone for millions in developing areas. Unlike traditional banking systems that often overlook the financially less fortunate, USDt serves as both a transactional and a savings medium for entire unbanked communities.
Ardoino took this opportunity to reaffirm Tether’s commitment to fostering a secure global financial ecosystem. He outlined that USDt has consistently demonstrated strong price stability, ample liquid reserves, and adherence to high compliance standards with premier custodians.
Despite such achievements, Ardoino lamented the mainstream media’s continued negative portrayal of stablecoins and cryptocurrencies, suggesting a bias intended to protect traditional financial entities. He criticized the sensationalism that shadows the real benefits cryptocurrencies bring to global finance, emphasizing Tether’s role in pushing for transparency and adherence to legal standards.
An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.
— Paolo Ardoino 🍐 (@paoloardoino) May 13, 2024
Let me give you an update on Tether USDt ecosystem safety.
USDt is the most used stablecoin in the world, with…
Tether’s Compliance and Collaboration Efforts
Diving deeper, Ardoino shared that Tether respects the OFAC/SDN lists and has a dynamic internal investigation team equipped with diverse tools for monitoring both primary and secondary markets.
Tether’s partnership with Chainalysis equips its teams with top-notch software and proactive monitoring capabilities. Since its inception, Tether has cooperated with 124 law enforcement agencies worldwide, showcasing its commitment to regulatory compliance and crime prevention.
Ardoino highlighted the proactive measures taken by Tether, including blocking over $1.3 billion related to scams and hacks, and around $1.6 million linked to terrorist financing. He also noted Tether’s response to 198 law enforcement requests in the past year alone, with significant collaboration with U.S. law enforcement to block harmful transactions totaling over $639 million.
Furthermore, Tether has built strong relationships with international bodies such as Israel’s NBCTF and Ukraine law enforcement, showcasing its global outreach and cooperative stance. Unlike other stablecoins which require judicial orders for action, Tether takes immediate steps to mitigate risks, providing a quicker response to threats and illegal activities.
In another revealing tweet, Ardoino spoke about Tether’s latest initiative, ‘Pioneering Progress’ in Tbilisi, attended by 150 stakeholders including central bank members, regulators, and government officials. This event showcased Tether’s leadership in shaping the future of finance, AI, and resilient infrastructure through collaborative discussions focused on regulation, compliance, and technological advancements.