USDT subjected to malicious fear-mongering
Tether CEO Paolo Ardoino has accused an ignorant CEO of spreading fear about their stablecoin, USDT, in an attempt to undermine their dominance in the stablecoin market. Ardoino, in a recent post, did not disclose the identity of the individual but mentioned that the person is leading a company under investigation by the SEC and is also launching a competing stablecoin. Ardoino emphasized Tether’s commitment to a safe financial ecosystem and addressed concerns about the security of USDT. To counter biased narratives from mainstream news outlets, he shared statistics and initiatives related to Tether’s compliance efforts, including their adherence to OFAC sanctions, collaborations with law enforcement agencies, and use of monitoring tools from Chainalysis. Ardoino stated that Tether has blocked over $1.3 billion in suspicious transactions, including those linked to scams, hacks, and money laundering, with $1.6 million associated with terrorist financing. The company has also cooperated with law enforcement requests and prevented illicit fund transfers amounting to over $639 million in collaboration with US authorities alone. These statements from Ardoino come shortly after Ripple CEO Brad Garlinghouse mentioned in an interview that he believes the US government is targeting Tether. In April, Ripple announced its entry into the stablecoin market with a US dollar-backed stablecoin on the XRPL and Ethereum. The stablecoin is expected to be backed 1:1 by assets such as US dollar deposits, US government bonds, and cash equivalents.
