Tether CEO Paolo Ardoino has expressed concerns about the tactics being used by the company’s competitors to undermine the stablecoin issuer. In a recent post on X, Ardoino claimed that certain stablecoin issuers in the US are employing political lobbying and legislative efforts to target Tether’s operations. He stated that their true intention is to “Kill Tether,” and this sentiment has been independently reported by numerous individuals within and outside the digital assets industry who are in contact with the US administration.
Ardoino emphasized that Tether’s USDT has become the largest USD-backed stablecoin, providing access to the US dollar for over 400 million people in developing economies. He warned that the actions of these rivals could have a negative impact on Tether and the users in developing countries who rely on USDT for financial stability and dollar-based transactions.
Despite these challenges, Ardoino assured that Tether will not stand still and will not allow these attacks to succeed. The company is committed to protecting the hundreds of millions of people worldwide who have been left behind by the traditional financial system and helping them access the US dollar through USDt.
These concerns arise as the US government continues to develop regulations for stablecoins that may prevent offshore stablecoin issuers from accessing US Treasury bills. Vance Spencer, a venture capitalist, highlighted that these legislative efforts could lead to regulatory capture, favoring US-based stablecoin issuers and potentially threatening the long-term dominance of the US dollar. He argued that a broader competitive set of stablecoin issuers should be allowed to flourish to avoid gatekeeping and gaslighting by those interested in regulatory capture.
Tether, currently holding over $115 billion in US Treasuries, may need to divest these holdings if the proposed laws are implemented. However, Tether has stated that it holds excess assets that would enable it to adapt to changing regulations, even under the most restrictive scenarios.
In conclusion, Tether is facing challenges from its competitors who are using legal and regulatory tactics to destabilize the company. Despite this, Tether remains committed to providing access to the US dollar for millions of people worldwide and will continue to protect its users and their financial stability. The ongoing development of stablecoin regulations in the US raises concerns about potential regulatory capture and the impact on the dominance of the US dollar.
1 Comment
Wow, it’s intriguing to see such strong allegations being made by the Tether CEO. It’ll be interesting to see how this legal battle plays out and if there’s any truth to their claims. #USDT
I can understand their concerns, but it’s crucial to ensure transparency and compliance in the cryptocurrency space. It would be helpful if Tether could provide evidence to support their accusations and address any potential doubts. #cryptocurrency
I appreciate the Tether CEO for shining a spotlight on this issue. It highlights the need for regulation and oversight in the crypto industry. Hopefully, this will lead to better practices and increased trust among investors. #regulation
While competition can be fierce, it’s important to remember that healthy competition also promotes innovation. Instead of focusing on accusations, let’s encourage constructive dialogue and collaboration to improve the overall cryptocurrency ecosystem. #innovation
I wonder if there’s an opportunity for the industry to come together and establish a common regulatory framework that addresses the concerns raised by Tether’s CEO. Collaborative efforts might be the key to ensuring stability and growth in the crypto market. What do you think? #collaboration