Tether CEO Paolo Ardoino has slammed Ripple chief executive Brad Garlinghouse for spreading fear, uncertainty, and doubt (FUD) about USDT, its largest stablecoin offering.
In a Monday tweet, Ardoino outlined Tether’s efforts to sustain a global financial ecosystem while maintaining regulatory compliance by working with law enforcement agencies to combat criminals.
Spreading FUD About USDT
CryptoPotato reported earlier on Monday that Garlinghouse expressed concern over the United States government’s scrutiny of Tether during a recent interview with Chris Vasquez on the World Class YouTube channel.
The Ripple chief said the U.S. government was going after Tether, and he was uncertain what the impact of the scrutiny would be. Although he did not label any potential enforcement action against the stablecoin company as a black swan event, he predicted that one such incident could occur soon. However, he believes Tether’s potential saga with U.S. authorities would be interesting.
Garlinghouse’s remarks have drawn a much-expected reaction from Tether’s chief executive. Ardoino called the Ripple boss “an uninformed CEO” who is leading a firm being investigated by the U.S. Securities and Exchange Commission. He asked the rhetorical question “cui prodest,” referring to Ripple’s plans to launch a stablecoin in the coming months.
Tether’s Compliance Efforts
In addition, Ardoino provided an update on the safety of the USDT ecosystem. He explained that the stablecoin and Tether’s other products heeded sanction lists provided by the U.S. Office of Foreign Assets Control. The company’s collaboration with law enforcement agencies across over 40 countries has enabled it to block over $1.3 billion in crypto and roughly 339 wallets tied to illicit financial activities.
Ardoino expressed his disappointment at most mainstream crypto media peddling unhealthy narratives about Tether, even though he has revealed information about the firm’s contribution to the crypto space in many interviews. He said the media was likely spreading the narrative to “protect the old guard of the financial establishment.”
The Tether CEO insisted that Tether cooperated directly with regulators, unlike other stablecoin issuers who require judge orders to operate.
“At Tether, we believe that our main mission is to ensure that our entire community can benefit from a safe global financial ecosystem. There are, in fact, different crucial requirements that stablecoins need to fulfill in order to become widely adopted. USDt proved overtime to have strong price stability, highly liquid reserves, top tier custodians and profound compliance,” the Tether chief stated.
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