Brad Garlinghouse, CEO of Ripple, recently remarked that the United States government, under President Joe Biden’s leadership, is targeting Tether, the issuer of the largest stablecoin by market capitalization, USDT.
On the social media platform X, Garlinghouse expressed his belief that USDT and Tether are integral parts of the crypto ecosystem and admitted uncertainty about the potential impact of the US government’s crackdown on the stablecoin on the broader ecosystem.
In an interview, Garlinghouse discussed various ongoing events in the digital asset sector, including the arrest of Binance founder Changpeng Zhao and the technological challenges facing Bitcoin.
It’s worth mentioning that the US government has identified instances of USDT being used by terrorist organizations and individuals in countries sanctioned by the United States. In April, Adewale Adeyemo, the US Treasury Deputy Secretary, testified before the Senate Banking Committee, highlighting Russia’s use of USDT and alternative payment methods to circumvent US sanctions.
Ripple recently announced its plan to introduce a stablecoin pegged 1:1 to the US dollar on the XRP Ledger. While the current stablecoin market value is $150 billion, Ripple projects it to reach $2.8 trillion by 2028.
May 2024, Cryptoniteuae
