Ripple CEO Brad Garlinghouse Defends Tether’s Stance: What Did He Tell You?
Journalist
- Garlinghouse criticizes the SEC and the US government regarding Tether.
- Tether’s dominance has been maintained despite controversy and has shown resilience.
In a recent development, Ripple CEO, Brad Garlinghouse, has expressed a change in his perspective on Tether. Garlinghouse addressed the topic on X (formerly Twitter) on May 13.
“I did not attack Tether… the words that followed my voice on the podcast were that I consider Tether an important part of the ecosystem.”
He added that he would be happy to explain his position further.
My point was that since the US government has made it clear that it wants more control over USD stablecoin issuers and Tether is the largest, this puts them in the spotlight.
Behind the scenes
Ripple’s CEO was the first to get it all rolling. In a recent podcast appearance, he accused the US Securities and Exchange Commission (SEC) of intimidation tactics and overreach.
The SEC is a bully.
He also criticized the US government for targeting Tether. He expressed his frustration with the US government’s actions.
I see the US government is going after Tether.
This led to a lot of speculation in the crypto industry. Tether was the new player in this growing tension between the leading cryptocurrency companies and regulators.
Tether CEO on the defensive
In an interesting twist, Tether CEO Paolo Ardoino waded into the fray and criticized Ripple CEO, Brad Garlinghouse, for his comments. Ardoino stated in an attempt to clarify the situation:
It is reported that a uniformed CEO of a company under investigation by the SEC has launched a stablecoin to compete with USDt (cuiprodest).
Tether CEO Paolo Ardoino said that USDT is the most widely used stablecoin in the world and is used by millions of people in emerging markets.
He said that USDT is essential to a safe financial system as it offers stability, liquidity and world-class custody.
Ardoino emphasized Tether’s mission to ensure that everyone benefits from a safe financial ecosystem.
Various controversies surrounding USDT
Since October 2023, US Senator Cynthia Lummis and Representative French Hill have expressed their concerns about Binance and Tether’s potential to support terrorism.
Circle’s USD Coin or USDC recently overtook Tether as the most popular stablecoin, signaling an important shift in cryptocurrencies.
The price of USDT has fallen by 0.03% in the last 24 hours due to these recent developments.
Tether wins the race
In summary, despite these obstacles, USDT continues to outperform USDC.
Source: Visa On-chain Analytics
USDC is still the most popular currency in the world.
