In a recent X post, Tether CEO Paolo Ardoino claimed that an “uninformed CEO” is reportedly spreading FUD about the company’s stablecoin, USDT, possibly aiming to challenge its dominance in the stablecoin market.
In a post on X on May 13, Ardoino did not disclose the identity of the person spreading rumors but mentioned that this individual leads a company currently “under investigation by the SEC.” Ardoino also mentioned that the same company is launching a “competitive stablecoin,” though he did not provide further details. The identity of the person Ardoino is referring to remains unknown.
Within the post, Ardoino tackled worries about the security of the USDT ecosystem, underlining Tether’s dedication “to guaranteeing a secure global financial ecosystem that benefits our entire community.”
To counter what Ardoino views as a biased narrative from mainstream media, he shared vital statistics and initiatives regarding Tether’s global compliance endeavors. Notably, the CEO emphasized the company’s dedication to complying with the Office of Foreign Assets Control (OFAC) sanctions list, partnerships with law enforcement agencies globally, and the use of monitoring tools from Chainalysis, a blockchain forensics firm.
Ardoino reported that Tether has intercepted over $1.3 billion in dubious transactions to date, encompassing activities related to scams, hacks, and money laundering, with $1.6 million traced to terrorist financing. Furthermore, the company has collaborated extensively with law enforcement agencies, domestically and abroad, leading to the thwarting of illicit fund transfers totaling over $639 million, specifically in conjunction with U.S. authorities.
Ardoino’s statement follows closely after Ripple CEO Brad Garlinghouse expressed on the YouTube channel “World Class” his anticipation of further unexpected events, labeling them as “black swan events.” Garlinghouse remarked, “The U.S. government is targeting Tether. That’s evident to me.”
In early April, Ripple made headlines by revealing its plan to introduce a U.S. dollar stablecoin on both the XRPL and Ethereum platforms, marking its debut in the multi-billion dollar stablecoin market. The company’s product is slated to be fully backed by a 1:1 ratio of assets, comprising U.S. dollar deposits, U.S. government bonds, and cash equivalents.
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