Tether’s CEO, Paolo Ardoino, has spoken out against what he perceives as unfounded fear-mongering about the company’s stablecoin, USDT, allegedly spread by an executive from a company under SEC investigation.
Ardoino took to X in a recent post, stating that an “uninformed CEO” from a firm being probed by the SEC is attempting to cast doubt on USDT’s stability in an attempt to undermine Tether’s position in the stablecoin market.
Although Ardoino did not name the individual in question, he noted in the May 13 post that this person is associated with a company under SEC scrutiny and is also launching a competing stablecoin. However, Ardoino did not provide further details about this matter, leaving the identity of the individual unclear.
In his post, Ardoino reassured the community about the safety of the USDT ecosystem, emphasizing Tether’s dedication to ensuring a secure global financial environment for all users.
To counter what he sees as a biased portrayal by mainstream media, Ardoino shared key figures and initiatives related to Tether’s compliance efforts worldwide. Specifically, he highlighted Tether’s commitment to adhering to the Office of Foreign Assets Control (OFAC) sanctions list, partnerships with law enforcement agencies globally, and the use of monitoring tools from Chainalysis, a blockchain analytics company.
Ardoino revealed that Tether has blocked over $1.3 billion in suspicious transactions to date, including those associated with scams, hacks, and money laundering, with $1.6 million linked to terrorist financing. Furthermore, he stated that Tether has collaborated with law enforcement agencies on numerous occasions, preventing illicit fund transfers totaling over $639 million, particularly in collaboration with U.S. authorities.
Summary Review: Tether CEO Paolo Ardoino’s response sheds light on efforts to address concerns surrounding USDT stability amid accusations from an unnamed executive of a company under SEC investigation. Ardoino‘s commitment to transparency and compliance underscores Tether‘s dedication to maintaining the integrity of the USDT ecosystem. Despite challenges and allegations, Tether remains steadfast in its mission to provide a secure and reliable stablecoin for users worldwide. The ongoing scrutiny highlights the importance of accountability and vigilance within the cryptocurrency industry to ensure the protection of investors and the integrity of financial markets.
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