Crypto News – Tether vs. Ripple Controversy: What You Need to Know
Crypto News – CEO of Tether Paolo Ardoino has retaliated against CEO of Ripple Brad Garlinghouse for his recent remarks suggesting that the US government is targeting Tether, the largest stablecoin issuer globally. To dispel any confusion over possible U.S. agency action against the company, Ardoino took to social networking site X and he also criticized Garlinghouse for inciting panic regarding USDT. Given that Ripple is under investigation by the SEC and is attempting to introduce a rival stablecoin to Tether’s, Ardoino stated that Garlinghouse’s remarks were disingenuous.
According to the CEO of Tether, USDT is the stablecoin with the biggest market share, millions of users worldwide, and it has benefited bank customers in developing nations.
USDT proved over time to have strong price stability, highly liquid reserves, top tier custodians and profound compliance.
Ardonio
According to Garlinghouse, a New Black Swan Event Will Happen Soon
The Tether CEO’s statement followed Garlinghouse’s assertion in a podcast interview that there was a “100%” likelihood of another crypto-related black swan event. Without going into detail about his reasoning, the CEO of Ripple indicated that Tether is being targeted by the US government. Tether’s contribution to the cryptocurrency sector was acknowledged by Garlinghouse as well.
In the cryptocurrency world, many interpreted the remarks made by the CEO of Ripple as a warning sign of impending governmental action in the US. While Ripple is about to release a stablecoin, some others said it was just a competitive move.
FAQ
Who is Brad Garlinghouse?
Bradley Kent Garlinghouse is the CEO of Ripple Labs, a financial technology startup. He had served as Hightail’s chairman and CEO.
Who is Paolo Ardoino?
Paolo Ardoino is the CTO of Bitfinex, a digital asset trading platform, and the CEO of Tether, a stablecoin indexed 1:1 to the US dollar. In addition, he was a partner at Fincluster before becoming the Chief Strategy Officer (CSO) of Holepunch.
What Does the Black Swan Event Mean in Crypto?
An unforeseen incident that deviates from expectations and carries potentially dire effects is known as a “black swan.” The characteristics of black swan events are their great rarity, their terrible impact, and the general consensus that, looking back, they were evident.
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