Tether CEO bashes JPMorgan’s ‘hypocrisy’ amid stablecoin dominance concerns

Tether CEO Paolo Ardoino slammed Wall Toll road wide JPMorgan’s “hypocrisy” to enhance concerns in regards to the stablecoin issuer’s dominant standing within the cryptocurrency market while being the “biggest bank on this planet.”

In a Feb. 2 advise sent to CryptoSlate, Ardoino said that Tether’s market dominance has confirmed foremost for the emerging swap no subject the negative perceptions that its rivals and banks occupy about it.

“Tether’s market domination might possibly well perchance be a ‘negative’ for rivals collectively with these within the banking swap wishing for identical success on the different hand it’s never been a negative for the markets that need us the most,” Ardoino quipped.

On Feb. 1, JPMorgan expressed apprehensions about Tether’s impact on the broader crypto market, citing concerns about its “lack of regulatory compliance and transparency.” The Wall Toll road wide also expressed fears of how Tether poses a trouble for crypto attributable to its deep integration inner the system

Furthermore, the bank when put next Tether unfavorably to Circle, noting the latter’s bigger regulatory compliance.

Alternatively, these feedback had been met with a stiff response from Ardoino who defended Tether’s resilience, citing its efficiency for the duration of ultimate year’s banking disaster, and highlighted the corporate’s collaboration with regulators to crimson meat up working out of blockchain technology.

“Tether demonstrated more resilience in a black swan occasion than a total lot of necessary U.S. banks final year. As we gape the importance of our invention, we’ve continuously labored closely with global regulators to educate them on the technology and provide guidance on how they should always specialize in it,” Ardoino said.

The Tether CEO extra chimed that JPMorgan’s feedback “appears hypocritical” because it is “from the biggest bank on this planet.” He expressed pain about such remarks from a bank that has incurred almost $40 billion in fines and inspired JPMorgan to map lessons from Tether’s success within the stablecoin sector.

Tether’s USDT is the biggest stablecoin by market capitalization and one in every of the most licensed digital assets. The stablecoin has considered its market share hasty lengthen for the duration of the past year, thanks to the regulatory components that has impacted rivals treasure Circle’s USDC and Binance-backed BUSD.

Tether’s most novel attestaion document confirmed that this dominance translated true into a derive earnings of 10% of JPMorgan’s earnings for the final quarter of 2023.