In a post on February 25, Tether CEO Paolo Ardoino accused several stablecoin issuers in the United States of using political lobbying and legislative efforts to undermine Tether’s operations. Ardoino stated that the primary goal of Tether’s competitors isn’t to build a better product but to “Kill Tether” by leveraging political influence. He further emphasized that this has been reported by multiple sources within the digital assets industry and the U.S. administration.

Ardoino’s comments come amid growing concerns regarding proposed U.S. regulations for stablecoins, which could affect offshore stablecoin issuers, including Tether. According to Ardoino, USDT serves as a lifeline for millions of people, especially in developing countries, allowing them access to the U.S. dollar. He warned that these legislative efforts could harm the very individuals who rely on stablecoins like USDT for financial stability and global transactions. Tether, he asserted, will not stand idle and will fight these attacks to protect the millions of people benefiting from USDt.

US Stablecoin Regulations Could Favor Domestic Issuers Over Offshore Competitors

The allegations coincide with reports that the U.S. government is working on stablecoin regulations that could block offshore stablecoin issuers from accessing U.S. Treasury bills. Venture capitalist Vance Spencer has pointed out that these regulations might favor U.S.-based stablecoin issuers, which could stifle competition and harm the broader stablecoin market. Spencer also highlighted that such restrictions could damage the U.S. dollar’s long-term dominance in the global financial system.

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