- Ripple CEO Brad Garlinghouse’s recent comments on Tether have stirred up the crypto industry.
- Despite ongoing controversies, Tether continues to dominate the monthly supply of stablecoins.
- Garlinghouse criticizes the SEC and the U.S. government’s approach towards Tether.
Ripple’s CEO Brad Garlinghouse has recently been in the spotlight for his remarks on Tether, causing ripples in the crypto industry. Despite facing controversies, Tether continues to dominate the monthly supply of stablecoins.
Garlinghouse’s Stance on Tether
In a recent development, Ripple [XRP] CEO Brad Garlinghouse was found taking a U-turn from his bold remarks against Tether [USDT]. On the 13th of May, Garlinghouse stated on Twitter that he wasn’t attacking Tether and views it as a crucial part of the crypto ecosystem. He further pointed out that the U.S. government 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.
Behind the Scenes
Garlinghouse’s comments came after his appearance on the “World Class” podcast, where he accused the U.S. Securities and Exchange Commission (SEC) of overreach and bullying tactics. He criticized the U.S. government for targeting Tether, sparking speculation within the crypto industry and highlighting the growing tension between cryptocurrency leaders and regulatory bodies.
Tether’s CEO in Defense
Tether CEO Paolo Ardoino responded to Garlinghouse’s remarks, criticizing him for spreading fear about USDt. Ardoino emphasized that USDT is the world’s most widely used stablecoin, serving millions in emerging markets and unbanked communities. He claimed that USDT provides stability, liquidity, top-notch custodianship, and compliance, making it essential for a secure global financial system.
Controversies Surrounding USDT
Tether has been embroiled in controversies since October 2023, when U.S. Senator Cynthia Lummis and Representative French Hill expressed concerns about Binance and Tether potentially aiding terrorism. Despite these controversies, Tether continues to dominate the monthly supply of stablecoins, indicating its resilience and widespread usage compared to other stablecoins like USDC.
Conclusion
In conclusion, despite facing numerous challenges, Tether continues to maintain its dominance in the stablecoin market. The ongoing controversies and Ripple CEO’s comments have stirred up the crypto industry, but it remains to be seen how this will impact Tether’s future.
