Amid criticism from Ripple CEO Brad Garlinghouse alleging “The US Government is going after Tether (USDT issuer),” Paolo Ardoino, CEO of Tether Operations Limited, has comprehensively outlined the leading stablecoin issuer’s robust anti-money laundering and counter-terrorist financing compliance measures.
As Wu Blockchain @WuBlockchain quoted, Garlinghouse stated “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.”
Responding on X, as per WuBlockchain, Ardoino @paoloardoino called Garlinghouse “An uninformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.”
As the world’s most widely adopted stablecoin with hundreds of millions of users across underbanked regions and developing nations, ensuring a safe global ecosystem is paramount for Tether. Ardoino emphasizes that Tether’s mission is to provide these communities left behind by traditional finance with a reliable digital currency, noting USDT has become their primary checking and savings vehicle.
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Tether’s Compliance Efforts
To facilitate this, Tether has implemented stringent requirements around price stability, highly liquid reserves, top-tier custody partners, and profound compliance standards. Although discussions have extensively covered these facets, Ardoino aims to illuminate Tether’s ongoing enhancements to global compliance efforts that underpin the safety of USDT’s ecosystem.
Besides, Tether crutically adheres to OFAC/SDN sanction lists enforced by a specialized internal investigations team proficient in deploying state-of-the-art blockchain monitoring tools from analytics partner Chainalysis. Since its inception, Tether has collaborated with 124 law enforcement agencies across over 40 countries.
Demonstrating its effectiveness, Tether has blocked over $1.3 billion related to nefarious activities like scams, hacks, and money laundering, including approximately $1.6 million tied to terrorist financing. In the last 12 months alone, Tether voluntarily froze 198 wallets at authorities’ request, 90 involving U.S. agencies, totaling over $639 million blocked in cooperation with American law enforcement.
Mainstream Media Narrative
However, Ardoino laments mainstream media’s reluctance to accurately report such extensive compliance data, instead favoring “sensationalistic” narratives against stablecoins to protect legacy financial institutions. He contrasts Tether’s direct engagement with global agencies like the FBI, Secret Service, Israel’s NBCTF, and Ukraine with certain competitors requiring court orders before cooperating, potentially enabling illicit fund movements.
Hence, underscoring blockchain technology’s transparency benefits, Ardoino reaffirms Tether’s commitment to proactively combating financial crimes alongside international authorities to uphold USDT’s safety and integrity for its global user base.
Read also: Ripple Analyst Outlines Key Factors for XRP Price to Explode
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