Tether CEO says Ripple only spreading FUD about USDT stablecoin 

Paolo Ardoino slammed San Francisco headquartered blockchain firm Ripple over spreading false information around USDT stablecoin.

Tether is a subsidiary of Bitfinex crypto exchange. This firm manages all the financial operations behind USDT stablecoin. USDT is the top-ranked stablecoin in the crypto market. 

On 12 May 2024, Ripple CEO Brad Garlinghouse said that he believes the US financial regulators are going to take action against Tether soon in the future.

On 13 May 2024, Tether CEO Paolo Ardoino said that Ripple is surely a very big crypto player in this market but the information spread by its executive is wrong & misleading.

The Tether CEO said that Tether stablecoins respect the OFAC / SDN lists. Tether blocked more than $639 million working with US law enforcement, in the past.

Ardoino also added that Tether works totally in different ways to fight against the crypto bad actors, to instantly prohibit the misuse of USDT in any kind of illicit payments. 

Some Crypto Twitter alleged that Ripple & Tether are now competitors against each other, as Ripple is also on the way to launching Stablecoin this year, & this is the reason why they’re passing statements against each other. 

US vs Crypto

If we ignore all the statements passed by the Ripple CEO & Tether CEO, then we can see a very clear picture of lawsuits coming against stablecoin issuers. 

Currently, many crypto companies are in a big legal fight against the US Securities regulatory body, namely Ripple, Robinhood, Coinbase, Binance, Kraken, etc. 

These are big players in the crypto sector and now there are huge chances that the regulatory bodies may take action against stablecoin companies but on the other hand we can predict that it will not happen because it may end up as a very big loss for the retail crypto traders. 

Read also: Hong Kong based crypto exchange uses Elon Musk’s Deepfake to promote services