Tether CEO Paolo Ardoino finally replied to Ripple CEO Brad Garlinghouse’s speculative comments about the United States government going after the world’s largest stablecoin issuer. He suggests that these comments are just spreading fear about USDT.
Tether CEO responds
As per reports, Brad Garlinghouse in an interview stated that the US Government is going after Tether (USDT issuer). He added that it is clear to him and views Tether as a very important part of the ecosystem. Ripple’s CEO further stated that he don’t know how to predict the impact it would have on the rest of the ecosystem.
This comment comes in when Ripple is facing legal backlash from the US Securities and Exchange Commission (SEC). However, the firm is also looking to launch its stablecoin amid the legal tensions.
Tether CEO Paolo Ardoino in a post wrote that “An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.” He directly targeted the Ripple CEO here.
He went on to give an update on the Tether USDt ecosystem safety suggesting how they are dealing with the situation. Ardoino mentioned that “USDt is the most used stablecoin in the world, with hundreds of millions of users across primarily emerging markets and developing countries.”
Tether CEO highlighted that the entire communities across these regions are unbanked. They are left behind by the traditional banking system because they are too poor to be of interest. However, people are using USDt daily as their checking and savings accounts.
He pointed out that there are different crucial requirements that stablecoins need to fulfill in order to become widely adopted. However, Tether’s stablecoin has proved over time to have strong price stability, highly liquid reserves, top tier custodians and profound compliance.
What’s up with UDST?
Paolo Ardoino gave out the real facts to show how Tether USDt leverages the transparency of blockchain technology and how they are working with global law enforcement to comply with requirements.
As per the details, Tether stablecoins respect the OFAC / SDN lists. They have a highly trained internal investigation team that relies on a wide variety of tools, to monitor primary and secondary markets.
It added that the Tether collaborated with 124 law enforcement agencies across 40+ different countries since its inception. It has managed to block more than $1.3 billion since its inception, mostly related to scams, hacks, and money laundering. Approximately $1.6 million is related to terrorist finance.