Tether CEO Paolo Ardoino made a statement to respond to Ripple CEO's fear mongering about Tether's stablecoin USDT.
Tether CEO Paolo Ardoino Opposed Ripple CEO's Claims
Ardoino's statements shed light on Tether's commitment to regulatory compliance and its proactive measures against illegal activities in the cryptocurrency ecosystem.
Controversy surrounding the Ripple CEO's allegations sparked controversy within the cryptocurrency community, with Ardoino countering such claims by emphasizing Tether's commitment to regulatory standards and proactive stance against fraudulent activities.
An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.
Let me give you an update on Tether USDt ecosystem safety.
USDt is the most used stablecoin in the world, with…
— Paolo Ardoino 🍐 (@paoloardoino) May 13, 2024
In particular, Ardoino underlined the company's commitment to legal and regulatory compliance, emphasizing that Tether stablecoins are fully compliant with the Office of Foreign Assets Control (OFAC) and Specially Designated Nationals (SDN) lists.
Additionally, Ardoino provided information about Tether's cooperation with US law enforcement, explaining that the company has blocked over $639 million in suspicious transactions since its founding.
This collaboration serves as a testament to Tether's proactive efforts to combat fraudulent activity and protect the integrity of the stablecoin ecosystem.
In response to reports of fear, uncertainty and doubt (FUD) spread by a rival company currently under SEC investigation, Ardoino reiterated the security measures implemented in the Tether ecosystem.
He highlighted Tether's internal investigation team, which is equipped with a variety of tools to monitor primary and secondary markets, and explained that Tether has frozen more than $1.3 billion since its founding, primarily in response to fraud, hacking and other illegal activity.
*This is not investment advice.
