Paolo Ardoino, the CEO of Tether, has stated that competitors are trying to eliminate the world’s largest stablecoin from the market. Tether, the issuer of the largest stablecoin (USDT) with a market value of over $142 billion, more than double the $56 billion market value of the second-largest stablecoin USDC. However, Ardoino claims that increasing pressure from rival companies and politicians against Tether exists. Ardoino says: ‘While our competitors’ business model should be about building a better product and a larger distribution network, their real intention is to kill Tether. Every meeting or political session they hold ends with this goal.’ Ardoino’s remarks came after Tether’s name was removed from the list of 10 approved companies to issue stablecoins under the legal framework of the European Union’s Markets in Crypto-Assets (MiCA).
