According to Odaily Planet Daily, Tether CEO Paolo Ardoino said that Ripple's launch of stablecoins may further increase the legitimacy of the stablecoin field. Ardoino said in an interview during the Paris Blockchain Week that the stablecoin ecosystem needs healthy competition among big players to further legitimize the use of fiat-backed tokens in the eyes of regulators. He also added that there are multiple reliable participants providing viable and thriving stablecoin businesses, which reflects the growing importance of the industry.