In a scathing post on the X social media platform, Tether CEO Paolo Ardoino took an apparent shot at Ripple's Brad Garlinghouse after the latter suggested that the U.S. government is "going after Tether" during his recent podcast appearance.
As reported by U.Today, Garlinghouse said it was "clear" to him that the leading stablecoin issuer was in trouble with the U.S. government. Garlinghouse also added that it would be hard to foresee the exact impact that this is going to have on the broader cryptocurrency ecosystem due to the sheer size of the Tether. According to CoinGecko, the market cap of the USDT stablecoin stands at a towering $110.8 billion.
Alex DovbnyaArdoino, who was appointed to spearhead Tether in October, slammed Garlinghouse as an "uninformed CEO" in his post. He also pointed to the fact that Garlinghouse is leading a company that is actually being investigated by the SEC.
Moreover, Ardoino has recalled that Ripple is gearing up to launch its own stablecoin product that will compete with Tether's USDT. As reported by U.Today, the SEC has already described the yet-to-be-launched dollar-backed cryptocurrency as an "unregistered crypto asset" in its recent filing.
Ardoino went on to defend the safety of Tether's ecosystem, pointing to its collaboration with blockchain sleuth Chainalysis as well as law enforcement agencies around the globe.
"The real facts show how Tether USDt, leveraging the transparency of the blockchain technology and working with global law enforcement is able to comply with requirements," he said.
Godfrey Benjamin
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov