Ripple Versus Tether: Brad Garlinghouse Douses Tension In Latest Comment
Highlights
- Ripple CEO has clarified that he wasn't attacking Tether in earlier comment
- Garlinghouse noted that his words were misconstrued
- Ripple is eyeing a stablecoin later this summer to rival Tether
Ripple CEO Brad Garlinghouse has reacted to ongoing chatter regarding his perceived attack of USDT stablecoin issuer Tether. Taking to his official X account, the Ripple CEO said categorically that he was not attacking Tether.
Ripple CEO Reiterates His Tether Stand
The Ripple CEO clarified that the media took the words that appeared as an attack out of context. He said the viral interview with Chris Vasquez of the World Class Podcast did not end with criticism. He revealed that the next words he uttered was that Tether is a huge part of the crypto ecosystem.
“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,” he said in his latest post.
I wasn’t attacking Tether…the next words out of my mouth during the podcast were that I view Tether as a hugely important part of the ecosystem. My point was that the US govt has clearly indicated they want more control over USD-backed stablecoin issuers, and thus, Tether, as…
— Brad Garlinghouse (@bgarlinghouse) May 13, 2024
Tether and its CEO Paolo Ardoino remain some of the most attacked in the crypto ecosystem. The comment about Tether that Garlinghouse shared came off as a posturing ahead of the incoming Ripple stablecoin. In his long comment addressing the claims in the podcast, the Tether CEO said Garlinghouse was spreading Fear, Uncertainty and Doubt (FUD) on the stablecoin.
As the largest stablecoin issuer in the industry, Tether commands a circulating supply of 110,840,001,386 USDT. Considering the dominance of Ripple in the blockchain payments ecosystem, there are speculations it can mount a formidable competition against USDT.
Per the timeline Ripple is working with, the stablecoin might go live later this summer. The Ripple stablecoin might assume a very strong part of the company’s business, however, the clarity Garlinghouse provided revealed there is not bad faith in its projected competition with Tether.
Fighting the US Regulators
The agitation between Ripple and Tether underscores the tension among crypto players in the US as it concern regulation. While Tether has no legal brawl with the US regulators at the moment, it has recorded its fair share of crackdowns in the past.
However, Ripple Labs has an unfinished lawsuit with the Securities and Exchange Commission (SEC). While several victories has been scored by both Ripple and the SEC, the settlement to finalize the case remains the major bottleneck now.
While the SEC demands a $2 billion fine from the firm, the Garlinghouse led crypto payments outfit is pushing for a $10 million payment.
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