Paolo Ardoino, CEO of Tether, went on a public stage to talk about what he sees as false information about the stablecoin USDT. He said that an executive from a company that is being investigated by the SEC is spreading fear about the currency.
In a recent post on X, Ardoino didn’t name the person but did talk about how they were connected to a company that was being looked at by regulators and how they were said to be launching a competitive stablecoin.
Ardoino tried to calm people’s worries about the safety of the USDT ecosystem by stressing Tether’s commitment to making sure its community has a safe global financial environment. He responded to what he called “biased” stories in the mainstream media by giving important facts and details about Tether’s attempts to follow the rules.
Tether’s Compliance and Security Measures
Ardoino emphasized that the company followed the Office of Foreign Assets Control (OFAC) sanctions list, worked with law enforcement agencies around the world, and used monitoring tools from Chainalysis, a blockchain forensics business.
Ardoino says that Tether has already stopped more than $1.3 billion in transactions that look fishy. These include scams, hacks, money laundering, and some that are linked to funding terrorism. Moreover, he talked about how the company worked with law enforcement, which stopped illegal money transfers worth more than $639 million just by working with U.S. officials.
Brad Garlinghouse, CEO of Ripple, said in an interview that the U.S. government is after Tether, which led to Ardoino’s remarks. Garlinghouse’s comments come at the same time that Ripple announced it would be entering the stablecoin market with a U.S. dollar-backed stablecoin on both the XRPL and Ethereum platforms.
This shows that Ripple wants to compete in the growing stablecoin market, which is backed by assets like U.S. dollar deposits, U.S. government bonds, and cash alternatives.
