Tether CEO slams Ripple boss for spreading FUD about USDT

Tether CEO Paolo Ardoino has slammed Ripple CEO Brad Garlinghouse for spreading fear, uncertainty and doubt (FUD) about USDT, its largest stablecoin offering.

In a tweet on Monday, Ardoino described Tether’s efforts to maintain a global financial ecosystem while maintaining regulatory compliance by working with law enforcement agencies to combat criminals.

Spreading FUD About USDT

CryptoPotato reported earlier Monday that Garlinghouse expressed concern about the US government’s scrutiny of Tether during a recent interview with Chris Vasquez on the World Class YouTube channel.

Ripple’s boss said the US government was going after Tether and he wasn’t sure what the impact of the scrutiny would be. While he did not label any potential enforcement action against the stablecoin company as a black swan event, he predicted that one such incident could happen soon. However, he thinks Tether’s potential saga with US authorities would be interesting.

Garlinghouse’s remarks have prompted a long-awaited reaction from Tether’s CEO. Ardoino called the head of Ripple “a misinformed CEO” who runs a company under investigation by the US 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 Compliance Efforts

Additionally, Ardoino provided an update on the security of the USDT ecosystem. He explained that the stablecoin and Tether’s other products complied with the sanctions lists provided by the US Office of Foreign Assets Control. The company’s collaboration with law enforcement agencies in more than 40 countries has allowed it to block more than $1.3 billion in crypto and approximately 339 wallets linked to illicit financial activities.

Ardoino expressed his disappointment with most of the mainstream crypto media selling unhealthy narratives about Tether, although he has revealed information about the company’s contribution to the crypto space in many interviews. He said the media was probably spreading the narrative to “protect the old guard of the financial establishment.”

Tether’s CEO insisted that Tether cooperated directly with regulators, unlike other stablecoin issuers that require orders from judges to operate.

“At Tether, we believe our primary mission is to ensure that our entire community can benefit from a secure global financial ecosystem. Indeed, there are several crucial requirements that stablecoins must meet in order to be widely adopted. USDt will demonstrate overtime that they had strong price stability, highly liquid reserves, top-tier custodians and deep compliance,” Tether’s boss stated.

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