{"id":392035,"date":"2024-05-14T17:30:37","date_gmt":"2024-05-14T12:00:37","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=392035"},"modified":"2024-05-14T15:10:37","modified_gmt":"2024-05-14T09:40:37","slug":"ripple-ceo-brad-garlinghouse-defends-tether-stance-what-did-he-say","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ripple-ceo-brad-garlinghouse-defends-tether-stance-what-did-he-say\/","title":{"rendered":"Ripple CEO Brad Garlinghouse defends Tether stance: What did he say?"},"content":{"rendered":"<ul>\n<li><em>Garlinghouse criticizes the SEC and the U.S. government regarding Tether.<\/em><\/li>\n<li><em>Tether maintained dominance despite controversies, indicating resilience.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a recent development, <a href=\"http:\/\/ambcrypto.com\/category\/xrp-ripple-news\/\" target=\"_blank\" rel=\"noopener\">Ripple [XRP]<\/a> CEO <a href=\"http:\/\/ambcrypto.com\/brad-garlinghouse-sec-chair-pursuing-politics-not-policy\/\" target=\"_blank\" rel=\"noopener\">Brad Garlinghouse<\/a> was found taking a U-turn from his bold remarks against <a href=\"http:\/\/ambcrypto.com\/stablecoins-dominated-by-bots-only-10-real-users-visa-report\/\" target=\"_blank\" rel=\"noopener\">Tether [USDT]<\/a>. Taking to X (formerly Twitter) on the 13th of May, <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1790035280453644305\" target=\"_blank\" rel=\"noopener\">Garlinghouse said<\/a>,\u00a0<\/span><\/p>\n<blockquote><p>&#8220;I wasn\u2019t attacking Tether\u2026the next words out of my mouth during the podcast were that I view Tether as a hugely important part of the ecosystem.&#8221;<\/p><\/blockquote>\n<p>Further justifying his stance, he added,<\/p>\n<blockquote><p>&#8220;My point was that the US govt has clearly indicated they want more control over USD-backed stablecoin issuers, and thus, Tether, as the largest player, is in their line of sight.&#8221;<\/p><\/blockquote>\n<h4><strong>Behind the scenes\u00a0<\/strong><\/h4>\n<p>All this started with Ripple&#8217;s CEO, <span style=\"font-weight: 400;\">recent appearance on the \u201cWorld Class\u201d <a href=\"https:\/\/www.youtube.com\/watch?v=55q7PnOAIeI\" target=\"_blank\" rel=\"noopener\">podcast<\/a>, where he accused the\u00a0U.S. Securities and Exchange Commission (SEC) of overreach and bullying tactics and said,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;The SEC has been a bully.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">He further criticized the U.S. government for targeting Tether. Expressing frustration with the U.S. government&#8217;s actions, he claimed,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;The U.S. government is going after Tether, that much is clear to me.\u201d\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">This sparked a lot of speculation within the crypto industry. Additionally, it highlighted a growing tension between cryptocurrency leaders and regulatory bodies, with Tether being the new player.\u00a0<\/span><\/p>\n<h4><strong>Tether&#8217;s CEO in defense<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Interestingly, Tether CEO <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1789921257632207233\" target=\"_blank\" rel=\"noopener\">Paolo Ardoino<\/a> entered the fray, criticizing Ripple&#8217;s CEO for his remarks. Seeking to clarify the situation, Ardoino stated,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cAn uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.\u201d\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Tether&#8217;s CEO Paolo Ardoino emphasized that USDT is the world&#8217;s most widely used stablecoin, serving millions in emerging markets and unbanked communities. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">He claimed that USDT provides stability, liquidity, top-notch custodianship, and compliance, making it essential for a secure global financial system. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ardoino further stressed Tether&#8217;s mission to ensure everyone benefits from a safe financial ecosystem.\u00a0<\/span><\/p>\n<h4><strong>Various controversies surrounding USDT<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Tether has been embroiled in controversies since October 2023, when U.S. Senator Cynthia Lummis and Representative French Hill expressed concerns about Binance and Tether potentially aiding terrorism.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, Circle&#8217;s USD Coin (USDC) <a href=\"http:\/\/ambcrypto.com\/usdc-surpasses-usdt-what-does-this-mean-for-the-future-of-stablecoins\/\" target=\"_blank\" rel=\"noopener\">recently overtook Tether<\/a> in stablecoin transactions, signaling a notable change in the cryptocurrency landscape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These recent developments have taken a toll on USDT, resulting in a 0.03% drop in its price over the past 24 hours.<\/span><\/p>\n<h4><strong>Tether still wins the race\u00a0<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">In conclusion, despite facing such obstacles, the average monthly USDT supply continues to surpass that of USDC.<\/span><\/p>\n<figure id=\"attachment_392057\" aria-describedby=\"caption-attachment-392057\" style=\"width: 2150px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1.webp\"><img decoding=\"async\" class=\"wp-image-392057 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1.webp\" alt=\"USDT &gt; USDC \" width=\"2150\" height=\"1242\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1.webp 2150w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1-300x173.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1-1024x592.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1-768x444.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1-1536x887.webp 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1-2048x1183.webp 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/USDT-1-1200x693.webp 1200w\" sizes=\"(max-width: 2150px) 100vw, 2150px\" \/><\/a><figcaption id=\"caption-attachment-392057\" class=\"wp-caption-text\">Source: Visa on-chain analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This highlights the resilience and dominance of USDT despite the challenges it faces, indicating its continued popularity and widespread usage compared to USDC.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Has Ripple CEO&#8217;s stance on Tether impacted industry dynamics amidst USDT&#8217;s ongoing monthly supply dominance?<\/p>\n","protected":false},"author":66,"featured_media":392060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,55,4,5825],"tags":[6427],"class_list":["post-392035","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-xrp-ripple-news","category-social","category-stablecoins","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ripple CEO Brad Garlinghouse defends Tether stance: What did he say? 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