Tether CEO Paolo Ardoino has expressed concern that the rivals of the company use legal and regulatory tactics to destabilize the Stablecoin emittent.
In a post of 25 February on X, Ardoino claimed that some stablecoin mittens in the US use political lobbying and legislative efforts to focus Tether’s activities.
According to him:
“Although our business model should be for competitors to build a better product and even larger distribution network, their real intention is ‘Kill Tether’. Every business or political meeting they have culminates with this intention. “
Ardoino noted that although his claims could be seen as an ‘exaggeration’, he claimed it was:
“A fact and it is reported independently by hundreds of people inside and outside the digital assets industry in contact with the American administration.”
The Tether CEO emphasized that the company’s USDT has settled as the largest stablecoin supported by USD, giving people in developing countries access to the US dollar via USDT. He noticed:
“USDT is currently helping more than 400 million people and is growing at the pace of 35 million new portfolios per quarter, aimed at developing countries, while the US dollar is being strengthened.”
He warned that the actions of these rivals can influence the tether and influence users in developing countries who rely on USDT for financial stability and access to dollar-based transactions.
Ardinoino concluded:
“Tether will not stand still and we will not make these attacks succeed. We can’t allow it. We will be strong to protect the hundreds of millions of people around the world who are left behind by the traditional financial system to help them gain access to the US dollar via USDT. “
American regulations
These comments come if the US government continues to develop the regulations of Stablecoin that are said to have the expenditures for Offshore Stablecoin access to American treasury drawings.
Vance Spencer, a venture capitalist, emphasized that these legal efforts could amount to the recording of the regulations, which promotes American Inablecoin emission at the expense of international competition. He added that such limitations could also threaten the long -term dominance of the US dollar.
He wrote:
“The Stablecoin-Markup unveiled soon revealed has apparently requirements to close access to the Treasury market for centralized international stablecoin-emitents Die is immediately crazy.”
Tether, which currently has more than $ 115 billion in American treasury and as the 18th largest holder, these companies may have to dispose of if the proposed laws are implemented.
Given this, Spencer stated:
“The future of Stablecoins can only be US dollar based on a broader competitive set of Stablecoin expenditure to bloom and refuse gate -nauses/gaslighting by those interested in recording the regulations.”
This development comes less than a few weeks after speculation emerged that Tether can be forced to sell part of his Bitcoin holdings to meet the upcoming American Stablecoin regulations.
However, Tether rejected such worries and claims that it has excess assets with which it can adapt to changing regulations, even under the most limiting scenarios.