Tether CTO Paolo Ardoino accuses Ripple CEO of spreading fear, uncertainty, and doubt (FUD) about USDT ahead of Ripple’s stablecoin launch.
Ripple CEO Brad Garlinghouse warns that US government actions against Tether could disrupt the crypto space.
Ardoino defends Tether’s compliance measures and calls Garlinghouse an uninformed CEO.
Amidst the impending launch of Ripple’s stablecoin, a war of words has erupted between Tether CTO Paolo Ardoino and Ripple CEO Brad Garlinghouse over the future of Tether (USDT).
Ripple CEO Predicts US Government Action Against Tether
In a recent interview, Garlinghouse stated that the U.S. government’s next target in the crypto space could be Tether (USDT). As the U.S. government has been working to bring stablecoin regulations, it could potentially go after dominant players like Tether. Garlinghouse emphasized that potential actions by the US against the stablecoin issuer could cause significant disruption within the cryptocurrency space.
Tether CTO Defends USDT
Responding to Garlinghouse’s comments, Ardoino defended Tether’s compliance measures and called the Ripple CEO an uninformed leader. He highlighted Tether’s status as the most widely used stablecoin globally, with a user base spanning hundreds of millions, particularly in emerging markets and developing countries. Ardoino also pointed out Tether’s robust liquidity reserves, reputable custodians, and rigorous compliance measures.
Is Ripple Trying to Discredit Tether Ahead of Its Stablecoin Launch?
It’s worth noting that Ripple is gearing up to launch its own stablecoin in June. Garlinghouse’s comments against Tether have come just a few weeks ahead of the launch, raising doubts whether the Ripple chief is trying to make space for itself in the highly competitive stablecoin space, with Tether dominating nearly 60% of the market share.
Conclusion
The war of words between Ardoino and Garlinghouse highlights the competitive and often contentious nature of the crypto space. As Ripple prepares to launch its own stablecoin, it will be interesting to see how the situation unfolds and what impact it will have on the broader crypto market.
