Back to the list

Tether CEO and Ripple CEO Clash Over USDT — Brad Garlinghouse Says 'I Wasn't Attacking Tether'

source-logo  news.bitcoin.com 13 May 2024 16:11, UTC

Tether CEO Paolo Ardoino has responded to remarks made by Ripple CEO Brad Garlinghouse, branding him as an “uninformed CEO” and accusing him of fostering uncertainty about stablecoin USDT amid a U.S. Securities and Exchange Commission (SEC) investigation into his company. In reply, Garlinghouse clarified that his comments were not an attack on Tether but rather a commentary on the regulatory focus on large stablecoin issuers like Tether.

An ‘Uninformed CEO’ Spreading Fear About USDT

Paolo Ardoino, the CEO of Tether, took to social media platform X Monday to address comments made by Ripple CEO Brad Garlinghouse during a recent interview about stablecoin tether (USDT). Garlinghouse stated during the interview: “The U.S. government is going after Tether. That is clear to me.”

The Tether executive wrote:

An uninformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDT.

Ardoino proceeded to highlight the advantages of USDT, emphasizing that tether plays a pivotal role in providing financial services to unbanked communities in emerging and developing regions — areas often overlooked by traditional financial institutions. He further asserted that Tether upholds rigorous standards of transparency and regulatory adherence, evident in its compliance with OFAC/SDN lists, collaborations with Chainalysis, and extensive cooperation with international law enforcement to detect and prevent illicit activities, thus bolstering the security of its ecosystem.

Ripple’s CEO: ‘I Wasn’t Attacking Tether’

Responding to the CEO of Tether calling him uninformed and spreading fear about USDT, Garlinghouse clarified his position on X, stating:

I wasn’t attacking Tether…the next words out of my mouth during the podcast were that I view Tether as a hugely important part of the ecosystem.

“My point was that the U.S. govt has clearly indicated they want more control over USD-backed stablecoin issuers, and thus, Tether, as the largest player, is in their line of sight,” the Ripple boss said.

What do you think about the statements by Tether CEO Paolo Ardoino calling Ripple CEO Brad Garlinghouse an “uninformed” CEO and accusing him of spreading fear about USDT? Let us know in the comments section below.