Ripple’s CEO, Brad Garlinghouse, has voiced concerns that the U.S. government’s scrutiny of Tether, the foremost issuer of stablecoins by market cap, could notably affect the cryptocurrency environment. His comments come amid apprehensions about Tether’s alleged utilization by terrorist networks and nations under sanctions, such as Russia, aiming to circumvent U.S. economic sanctions.
“The U.S. Government is going after Tether. That is clear to me. I view Tether as a very important part of the ecosystem and I don’t know how to predict the impact it would have on the rest of the ecosystem.”
Garlinghouse remarked.
Despite these issues, Tether maintains its stance on compliance efforts. Recognizing the critical function of stablecoins within the digital currency sphere, Ripple revealed on April 4, 2024, its intentions to introduce its own stablecoin.
