Ripple CEO Garlinghouse Faces Criticism from Tether CEO for Spreading Concerns About USDT: Full Details
In a strongly-worded statement on the X social media platform, Paolo Ardoino, the CEO of Tether, took a direct dig at Brad Garlinghouse, the CEO of Ripple. This came after Garlinghouse expressed his belief on a recent podcast appearance that the US government was “going after Tether.” Garlinghouse also stated that predicting the exact impact of this on the wider crypto ecosystem would be challenging due to the massive market cap of Tether’s USDT stablecoin, which currently stands at $110.8 billion according to CoinGecko.
Ardoino’s post labeled Garlinghouse as an “uninformed CEO” while highlighting that Ripple itself is under investigation by the SEC. Additionally, Ardoino mentioned that Ripple plans to launch its own stablecoin to compete with USDT. However, the SEC has already described this upcoming dollar-backed cryptocurrency as an “unregistered crypto asset” in a recent filing.
In defense of Tether’s ecosystem, Ardoino emphasized the company’s collaboration with blockchain analytics firm Chainalysis and various law enforcement agencies worldwide. He stated that Tether’s compliance with requirements is enabled by the transparency of blockchain technology.