The CEO of Tether, Paolo Ardoino, has accused an unnamed executive from a company under SEC investigation of spreading misinformation and fear about the stablecoin USDT. In a recent post on X, Ardoino called out this individual for attempting to undermine Tether’s position in the stablecoin market.
While Ardoino did not reveal the identity of the executive in question, he hinted that they were associated with a company facing SEC scrutiny and planning to launch a rival stablecoin. The specifics of this situation remain unclear.
Ardoino sought to reassure the community about the safety of the USDT ecosystem, emphasizing Tether’s dedication to ensuring a secure global financial environment for all its users. In response to what he views as biased reporting by mainstream media, Ardoino shared details about Tether’s compliance efforts, including partnerships with law enforcement agencies and the use of monitoring tools from Chainalysis.
Tether has reportedly blocked over $1.3 billion in suspicious transactions, preventing illicit activities such as scams, hacks, and money laundering. Ardoino highlighted Tether’s cooperation with law enforcement, which has resulted in the prevention of over $639 million in illicit fund transfers in partnership with U.S. authorities alone.
This statement from Ardoino follows comments by Ripple CEO Brad Garlinghouse, who suggested that the U.S. government is targeting Tether. Ripple itself recently announced the launch of a U.S. dollar stablecoin on the XRPL and Ethereum platforms, backed by a variety of assets. This move marks Ripple’s entry into the growing stablecoin market.
In the face of accusations about Tether’s solvency, Ardoino remains steadfast in defending the company’s reputation.