Just In: Tether CEO Takes Shots at Brad Garlinghouse, Addressing FUD Spread by the Ripple Chief
The new week starts with drama between Tether CEO and the CEO of Ripple Labs, Brad Garlinghouse who said that the SEC will soon go after the stablecoin USDT in a recent interview. Responding to this, Paolo Ardoino, the Tether boss insinuates that Garlinghouse is spreading FUD ahead of Ripple Labs’ planned stablecoin launch.
Ardoino took to his X account (formerly Twitter) to address the fear uncertainty and doubt allegedly spread by the Ripple boss, reiterating the achievements and the safety of the Tether ecosystem in a lengthy post.
US Government Going After Tether?
In a recent episode of Chris Vasquez’s podcast, Ripple Labs CEO, Brad Garlinghouse shared his insight on crypto predictions, the legal battle with the SEC, and other personal issues. Amid the discussion, Garlinghouse pointed at the harm that could be caused to the entire crypto ecosystem if the regulatory watchdog goes after USDT. According to him, Tether is an integral part of the ecosystem and a potential action by the SEC could cause a lot of harm.
“The US Government is going after Tether. That is clear to me. I view Tether as a very important part of the ecosystem and I don’t know how to predict the impact it would have on the rest of the ecosystem,” he said.
This allegation was made in light of recent revelations about the use of USDT by terrorist organizations and sanctioned countries to get around US financial sanctions. Along with casting doubt on Tether’s business practices, the massive banking institution Deutsche Bank has questioned the health of the stablecoin market.
The 58-minute-long interview caught the attention of more than 21,000 viewers globally. Positive feedback and comments poured in, applauding Garlinghouse on his great analysis and his humbleness. However, one person that the interview did not sit well with is Paolo Ardoino, the CEO of Tether, the issuer of the largest stablecoin in the world, Tether.
Ardoino Takes Shot at Garlinghouse
Meanwhile, in a long X post, Ardoino slams the Ripple chief on the lack of credibility of his company, calling him an “uninformed CEO.” According to him, Garlinghouse who leads a company under investigation by the SEC and plans to launch its stablecoin, is spreading rumors about USDT.
“An un-informed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt,” Ardoino wrote.
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
He goes ahead to give an update on the safety of the Tether USDT ecosystem. The CEO underlined that with hundreds of millions of users in developing and emerging nations, USDT is the most popular stablecoin globally. He added that Tether’s mission is to ensure that its entire community can benefit from a highly safe financial ecosystem. He emphasized USDT’s achievements in fulfilling the major requirements to becoming widely adopted, pointing to its strong price stability, highly liquid reserves, top-tier custodians, and profound compliance.
Furthermore, Ardoino adds that Tether has a strong and highly trained internal team that leverages multiple tools to check the primary and secondary markets. “Tether has a highly trained internal investigation team that relies on a wide variety of tools, to monitor primary (core Tether platform website) and secondary markets (blockchains and exchanges),” he wrote.
Finally, Ardoino boasted about all Tethers collaborations to ensure compliance, including onboarding the FBI and USSS for re-issuances, and partnering with with Israel’s NBCTF and Ukraine law enforcement.
The post Just In: Tether CEO Takes Shots at Brad Garlinghouse, Addressing FUD Spread by the Ripple Chief appeared first on Coinfomania.
