Crypto Giants Clash: Ripple And Tether CEOs Now Debate Stablecoins’ Future

Key Points:

• Ripple CEO, Brad Garlinghouse, expresses concern over governmental scrutiny of Tether and announces Ripple’s plan to launch its own stablecoin.
• Tether CEO, Paolo Ardoino, defends his company by criticizing Garlinghouse’s remarks and highlighting Tether’s compliance efforts.

Ripple And Tether CEOs publicly disagree on stablecoins’ future. Amid U.S. scrutiny of Tether, Ripple plans to launch its own stablecoin. Tether emphasizes its commitment to block illicit transactions.

Tensions are rising in the crypto world as Ripple CEO, Brad Garlinghouse, and Tether CEO, Paolo Ardoino, engage in a public disagreement over the future of stablecoins.

Ripple and Tether CEOs’ Public Disagreement on Stablecoins

Garlinghouse reportedly voiced concerns over the U.S. Government’s scrutiny of Tether (USDT), warning of its potential impact on the crypto ecosystem.

Simultaneously, he announced Ripple’s plans to launch its own stablecoin, aiming to diversify the crypto landscape and bolster the XRPL ecosystem.

Ardoino responded sharply, criticizing Garlinghouse’s remarks as fear-mongering and pointing out that Ripple is itself under SEC investigation.

Readmore: Ripple CEO Warns Of A Legal Battle Between Tether And US Regulators

Ripple’s Announcement of New Stablecoin and Tether’s Response

An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.

Ardoino wrote

Particularly, Ardoino provided an extensive update on Tether’s safety measures. Tether, with hundreds of millions of users, especially in developing markets, is a crucial part of the financial ecosystem for many unbanked communities.

Tether’s Compliance Measures and Collaboration with Law Enforcement

Ardoino emphasized Tether’s commitment to global compliance, mentioning that it has worked with 124 law enforcement agencies across over 40 countries since its inception.

In terms of legality, Tether has blocked more than $1.3 billion in illicit transactions, with around $1.6 million related to terrorist finance.

In the last three years, Tether voluntarily collaborated in 339 requests from law enforcement to block wallets, with 158 being from U.S. law enforcement. Tether has also blocked over $639 million in collaboration with U.S. law enforcement.