- Tether CEO Paolo Ardoino has fired back at Ripple CEO Brad Garlinghouse’s claims that the US government is “after Tether”.
- Garlinghouse had suggested that Tether, a leading stablecoin issuer, could face significant issues, potentially impacting the wider crypto ecosystem due to its size.
- Ardoino defended Tether’s security, citing its collaboration with blockchain detective Chainalysis and law enforcement agencies worldwide.
Recent comments by Ripple CEO Brad Garlinghouse regarding Tether have sparked a heated response from Tether CEO Paolo Ardoino, highlighting the ongoing debates within the crypto industry.
Garlinghouse’s Claims about Tether
In a recent podcast, Brad Garlinghouse, CEO of Ripple, suggested that Tether, a leading stablecoin issuer, could face significant challenges. He expressed uncertainty about the potential impact on the broader cryptocurrency ecosystem due to Tether’s size. According to CoinGecko, the market value of the USDT stablecoin is at a high level of $110.8 billion.
Ardoino’s Response
Paolo Ardoino, who will lead Tether in October, criticized Garlinghouse as an “ignorant CEO”. He also pointed to the fact that Garlinghouse leads a company under investigation by the SEC. Ardoino further reminded that Ripple is preparing to launch its own stablecoin product to compete with USDT. As we reported earlier, the SEC has already started examining the yet-to-be-launched stablecoin.
Defending Tether’s Security
Ardoino continued to defend the security of the USDT ecosystem, pointing to its collaboration with blockchain detective Chainalysis and law enforcement agencies worldwide. “The facts show how Tether USDt can meet requirements by leveraging the transparency of blockchain technology and working with global law enforcement agencies,” he said.
Conclusion
The ongoing debates within the crypto industry highlight the complexities and uncertainties surrounding the future of stablecoins like Tether. As the crypto industry continues to evolve, the role and security of stablecoins will undoubtedly remain a hot topic.
