Tether CEO fires back at accusations about company solvency

Tether
CEO
Paolo
Ardoino
responded
to
Deutsche
Bank
analysts’
questions
about
the
company’s
solvency
and
the
stability
of
its
USDT
stablecoin.

Ardoino

cited
the
latest
statement
from
Deutsche
Bank
analysts
on
his
X
account,
saying
the
financial
institution
has
no
room
to
talk.

The
Tether
CEO
noted
Deutsche
Bank’s
history
of
fines
and
sanctions,
raising
doubts
about
its
ability
to
criticize
others
in
the
industry.
Ardoino
recalled
that
the
International
Monetary
Fund
also
named
Deutsche
Bank
the
riskiest
bank
in
the
world.

“Deutsche
Bank’s
history
of
fines
and
penalties
raises
doubts
about
its
own
standing
to
critique
others
in
the
industry.”

Paolo
Ardoino,
Tether
CEO

In
comments
to
the
post,
users
noted
that
Deutsche
Bank
has
paid
more
than
$20
billion
for
99
violations
since
2000.
Therefore,
the
bank
should
not
criticize
other
companies
for
risks,
product
structuring,
or
regulation.

Earlier,
the
Deutsche
Bank
expert
group

published
the
results
of
a
study
of
the

stablecoin
market.
Analysts
named
the
asset
class’s
weaknesses
and
noted

Tether‘s
lack
of
transparency
as
the
issuer
of
the
USDT
stablecoin.

Deutsch
Bank
analysts
also
added
that
given
Tether’s
monopoly
in
the
stablecoin
market,
if
USDT
collapses,
its
consequences
will
be
more
serious.

According
to

DefiLlama,
the
total
capitalization
of
stablecoins
currently
exceeds
$160
billion.
USDT
is
the
unquestioned
leader
in
this
market,
with
over
69%
market
dominance.

However,
experts

warn
that
Tether’s
dominance
could
weaken
due
to
new
regulations
being
proposed
in
the
United
States.