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- Ripple CEO Brad Garlinghouse has clarified his stance on Tether, stating that his previous comments were misconstrued and not intended as an attack on the stablecoin issuer.
- Garlinghouse has reiterated his belief that Tether plays a significant role in the crypto ecosystem, despite Ripple’s plans to launch its own stablecoin later this summer.
- The Ripple CEO’s comments come amid ongoing tensions between crypto players and US regulators, with Ripple currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC).
Brad Garlinghouse, CEO of Ripple, has clarified his stance on Tether, stating that his previous comments were misconstrued and not intended as an attack on the stablecoin issuer.
Clarifying the Tether Stance
Garlinghouse has taken to his official X account to address the ongoing chatter regarding his perceived attack on Tether. He stated categorically that he was not attacking Tether, and that his comments during a viral interview with Chris Vasquez of the World Class Podcast were taken out of context. He emphasized that Tether is a significant part of the crypto ecosystem and that his comments were aimed at highlighting the US government’s desire for more control over USD-backed stablecoin issuers.
Ripple’s Upcoming Stablecoin
Despite his support for Tether, Ripple is planning to launch its own stablecoin later this summer. This move has led to speculation about potential competition between Ripple and Tether, the largest stablecoin issuer in the industry with a circulating supply of 110,840,001,386 USDT. However, Garlinghouse has stated that there is no bad faith in Ripple’s projected competition with Tether.
Regulatory Tensions
The ongoing discussions between Ripple and Tether highlight the tension between crypto players and US regulators. While Tether has not currently been involved in any legal disputes with US regulators, it has faced its fair share of crackdowns in the past. Ripple, on the other hand, is currently involved in a lawsuit with the SEC. The case has seen victories for both sides, but a settlement remains elusive. The SEC is demanding a $2 billion fine from Ripple, while the crypto payments company is pushing for a $10 million payment.
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Conclusion
In conclusion, while Ripple CEO Brad Garlinghouse has clarified his stance on Tether, tensions remain high in the crypto industry due to regulatory pressures. As Ripple prepares to launch its own stablecoin, it will be interesting to see how the dynamics between these two major players evolve.
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