Ripple CEO Denies Targeting Tether, Emphasizes Its Importance In Crypto Ecosystem

According to U.Today, Ripple CEO Brad Garlinghouse recently clarified his stance on Tether, the largest stablecoin issuer, on a social media post. He denied allegations of attacking Tether and emphasized its significance in the broader cryptocurrency ecosystem. This clarification came after his comments during a podcast, where he suggested that the US government was targeting Tether, sparked controversy. Garlinghouse explained that his comments were based on his perception that the US government is seeking more control over dollar-backed stablecoins. As Tether is the largest player in this field, he assumed it would naturally be in the government's line of sight. He stated, '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.' These comments did not go unnoticed by Tether CEO Paolo Ardoino, who labeled Garlinghouse as 'uninformed' and pointed out Ripple's own legal issues in the US. Ardoino also hinted at the possibility of Ripple launching its own competing stablecoin, suggesting this could be the motive behind Garlinghouse's comments. However, Garlinghouse's recent post indicates his willingness to resolve the issue. Ardoino has not yet responded to Garlinghouse's latest statement.