Ardoino from Tether Criticizes 'Uninformed CEO' Over USDT FUD

Stay informed on Tether CEO Paolo Ardoino's concerns about an unnamed executive spreading misinformation to create fear around USDT.

May 14, 2024 - 12:10
May 13, 2024 - 16:38
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Ardoino from Tether Criticizes 'Uninformed CEO' Over USDT FUD
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Tether CEO Paolo Ardoino recently expressed concerns about an unnamed executive from a company under SEC investigation, accusing them of spreading misinformation to create fear surrounding Tether’s stablecoin, USDT.

Ardoino, in a post on X dated May 13, criticized the actions of this "uninformed CEO,suggesting they are attempting to challenge Tether's dominance in the stablecoin market. 

Although Ardoino did not disclose the individual's identity, he mentioned that the person leads a company currently "being investigated by the SEC,and is also introducing a "competitive stablecoin,although specifics were not provided. The identity of this individual remains undisclosed.

In his post, Ardoino addressed concerns about the security of the USDT ecosystem, affirming Tether's dedication "to ensure that our entire community can benefit from a safe global financial ecosystem."

To counter what he views as biased reporting from mainstream media, Ardoino shared key data and initiatives related to Tether's global compliance efforts. He highlighted Tether's commitment to complying with OFAC sanctions, collaborations with law enforcement agencies, and the use of monitoring tools from Chainalysis, a blockchain forensics firm.

Ardoino stated that Tether blocked more than $1.3 billion in suspicious transactions, covering scams, hacks, and money laundering, with $1.6 million linked to terrorist financing. He also mentioned Tether's collaboration with law enforcement, halting illicit fund transfers exceeding $639 million alongside U.S. authorities alone.

This statement from Ardoino follows remarks from Ripple CEO Brad Garlinghouse, who suggested in an interview on the "World ClassYouTube channel that the U.S. government is targeting Tether. 

 Garlinghouse's comments came shortly after Ripple announced its entry into the stablecoin market with a U.S. dollar stablecoin on the XRPL and Ethereum, backed by various assets including U.S. dollar deposits, government bonds, and cash equivalents.