- Garlinghouse criticizes the SEC and US government regarding Tether.
- Tether has maintained its dominance despite controversy and has shown resilience.
Recent developments include Ripple [XRP] CEO Brad Garlinghouse appears to have reversed course after making bold statements about Tether [USDT]. Posted on X (old Twitter) on May 13th, Mr. Garlinghouse said:,
“I wasn’t attacking Tether…The next thing that came out of my mouth during the podcast was that I view Tether as a very important part of the ecosystem.”
Further justifying his position, he added:
“What I am saying is that the US government has made it clear that it wants to tighten its control over US dollar-backed stablecoin issuers, and therefore Tether is on their radar as the biggest player. .”
behind the scenes
It all started with the CEO of Ripple. Recently appeared on “World Class” podcastHe criticized the Securities and Exchange Commission’s (SEC) overreach and bullying tactics, saying:
“The SEC was a bully.”
He also criticized the US government for targeting Tether. Expressing his dissatisfaction with the actions of the US government, he claimed:
“It’s clear to me that the U.S. government is targeting Tether.”
This has caused a lot of speculation within the crypto industry. It also highlighted the growing tension between crypto leaders and regulators, with Tether becoming a new player.
Tether CEO defends
Interestingly, Tether’s CEO Paolo Ardoino joined the fray and criticized the Ripple CEO’s comments. In an attempt to clarify the situation, Ardoino said:
“A uniformed CEO leading a company under SEC investigation is reportedly launching a competitive stablecoin (cui prodest) to spread fear about USDt.”
Tether CEO Paolo Ardoino said USDT is the most widely used stablecoin in the world, serving millions of people in emerging markets and unbanked communities. He emphasized.
He asserted that USDT provides stability, liquidity, first-class custodianship and compliance, and is essential to a secure global financial system.
Ardoino further emphasized Tether’s mission to enable everyone to benefit from a secure financial ecosystem.
Various controversies surrounding USDT
Tether has been embroiled in controversy since October 2023, when U.S. Senator Cynthia Lummis and Representative French Hill expressed concerns that Binance and Tether could support terrorism.
Additionally, Circle’s USD Coin (USDC) recently overtook Tether in stablecoin trading, indicating a notable shift in the crypto landscape.
These recent developments have hit USDT hard, resulting in USDT price falling by 0.03% in the past 24 hours.
Tether still wins the race
In conclusion, despite facing these obstacles, the average monthly supply of USDT continues to exceed that of USDC.
Source: Visa On-Chain Analytics
This highlights the resilience and superiority of USDT despite the challenges it faces, and indicates the continued popularity and widespread use of USDT compared to USDC.
