The CEO of Ripple Labs said the company behind the largest stablecoin by market capitalization could be the next target of US government regulators.
In an interview on his World Class YouTube channel last week, Ripple Institute Director Brad Garlinghouse said crypto's next “black swan event” could involve USDT, the field's leading stablecoin. I warned you that it's sexual.
“Do you think there will be another black swan event? Of course. 100%. We just don't know exactly what it is. It's the only one that even I don't understand that would be interesting to watch. [if this is] Because I feel like black swans, by definition, can't really be predicted. But yeah, it's clear to me that the US government is after Tether.
I see Tether as a very important part of the ecosystem, but I don't know how to predict the impact it will have on other parts of the ecosystem. ”
A black swan event is a rare and unexpected event that has a profound and widespread impact on financial markets, in this case the cryptocurrency market.
Early Monday morning, Tether CEO Paolo Ardoino complained to social media platform X today: address Garlinghouse's comment.
“An ignorant CEO leading a company under investigation by the SEC (U.S. Securities and Exchange Commission) is reportedly launching a competitive stablecoin (cui prodest?) and spreading fear about USDt. .”
Ripple announced plans to launch a stablecoin pegged to the US dollar earlier this month.
Ardoino cited stability, liquidity, custodianship, and compliance as key pillars of trust, highlighting Tether's mission to ensure a secure financial ecosystem for all users.
“I have revealed the following information in many interviews, but most mainstream media newspapers clearly refuse to report such data. Unfortunately, the information they are most interested in disseminating is The story is sensational about the use of stablecoins and cryptocurrencies around the world, and will likely keep the old guard at financial institutions.”
Last month, Tether announced that it worked with the FBI and the US Department of Justice (DOJ) to recover $1.4 million in USDT from a “fraudulent network.”
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Featured image: Shutterstock/Teo Tarras/Natalia Siiatovskaia
