Tether CEO bashes JPMorgans hypocrisy amid stablecoin dominance concerns
Tether CEO Paolo Ardoino slammed Wall Street giant JPMorgans hypocrisy to raise concerns about the stablecoin issuers dominant position in the cryptocurrency market while being the biggest bank in the world.
In a Feb. 2 statement sent to CryptoSlate, Ardoino stated that Tethers market dominance has proven crucial for the emerging industry despite the negative perceptions that its competitors and banks have about it.
Tethers market domination may be a negative for competitors including those in the banking industry wishing for similar success but its never been a negative for the markets that need us the most, Ardoino quipped.
On Feb. 1, JPMorgan expressed apprehensions about Tethers impact on the broader crypto market, citing concerns about its lack of regulatory compliance and transparency. The Wall Street giant also expressed fears of how Tether poses a risk for crypto due to its deep integration within the system
Furthermore, the bank compared Tether unfavorably to Circle, noting the latters greater regulatory compliance.
However, these comments were met with a stiff reaction from Ardoino who defended Tethers resilience, citing its performance during last years banking crisis, and highlighted the companys collaboration with regulators to enhance understanding of blockchain technology.
Tether demonstrated more resilience in a black swan event than several major U.S. banks last year. As we recognize the significance of our invention, weve always worked closely with global regulators to educate them on the technology and provide guidance on how they must think about it, Ardoino stated.
The Tether CEO further chimed that JPMorgans comments seems hypocritical because it is from the biggest bank in the world. He expressed concern about such remarks from a bank that has incurred nearly $40 billion in fines and encouraged JPMorgan to draw lessons from Tethers success in the stablecoin sector.
Tethers USDT is the largest stablecoin by market capitalization and one of the most popular digital assets. The stablecoin has seen its market share rapidly expand during the past year, thanks to the regulatory issues that has impacted rivals like Circles USDC and Binance-backed BUSD.
Tethers latest attestaion report showed that this dominance translated into a net profit of 10% of JPMorgans earnings for the last quarter of 2023.
The post Tether CEO bashes JPMorgans hypocrisy amid stablecoin dominance concerns appeared first on CryptoSlate.
Read more: https://cryptoslate.com/tether-ceo-bashes-jpmorgans-hypocrisy-amid-stablecoin-dominance-concerns/
Text source: CryptoSlate
