tl;dr
Tether CEO Paolo Ardoino has accused rivals of attempting to undermine the stablecoin issuer, alleging that they are using legal and legislative means to target Tether's operations. He expressed concerns that these actions could negatively impact users in developing countries who rely on Tether's US...
Tether CEO Paolo Ardoino has accused rivals of using legal and legislative tactics to undermine and destabilize the stablecoin issuer. He expressed concerns that these actions could negatively impact users in developing countries who rely on Tether's USDT for financial stability and access to dollar-based transactions.
Furthermore, there are ongoing developments in the US regarding stablecoin regulations, which may potentially restrict offshore stablecoin issuers from accessing US Treasury bills, therefore favoring US-based issuers. This has raised concerns about the long-term dominance of the US dollar and the future of stablecoins.
In response to these concerns, Ardoino emphasized the wide-reaching impact of Tether's USDT in providing access to the US dollar for over 400 million people, particularly in developing countries. He warned that the rivals' actions could affect Tether and its users in these regions.
On the regulatory front, there are speculations that upcoming US stablecoin regulations could limit offshore stablecoin issuers' access to US Treasury bills. This has raised concerns about regulatory capture favoring US-based stablecoin issuers at the expense of international competition and potentially threatening the long-term dominance of the US dollar.
Vance Spencer, a venture capitalist, noted that such restrictions would be detrimental to the broader competitive landscape and could impact the future of stablecoins. He emphasized the importance of allowing a broader competitive set of stablecoin issuers to flourish and avoiding gatekeeping and gaslighting by those interested in regulatory capture.