USDT News: Tether CEO Warns of Competitor Lawfare Aiming to Limit USDT Growth

In a recent development, the CEO of Tether, the issuer of the popular stablecoin USDT, has issued a warning about competitors using legal tactics to hinder the growth of USDT. Here’s a closer look at the situation and its potential implications for the cryptocurrency market.

Tether CEO Warns of Competitor Lawfare Aimed at Limiting USDT Growth

Tether CEO, Ardoino, warns that competitors are seeking to limit the growth of USDT by employing lawfare tactics. He asserts that USDT has been highly successful in establishing US dollar dominance in emerging markets, making it a prime target for competitors who, instead of improving their products, aim to ’kill Tether.’ Although he does not name specific competitors, he notes reports of stablecoin issuers lobbying the US administration for regulations potentially affecting Tether. Ardoino’s comments come in response to discussions about a stablecoin bill that could exclude offshore issuers from US Treasuries.

Tether Faces Legal and Regulatory Challenges

Tether, the issuer of the stablecoin USDT, is facing legal challenges and regulatory scrutiny. Chatter on social media suggests a new stablecoin law proposal that could bar offshore stablecoin issuers like Tether from holding US Treasuries. This proposal has been compared to a bill pushed by FTX and its then CEO, Sam Bankman-Fried, in 2022, which aimed to shape regulations to benefit the exchange and impose burdens on DeFi protocols. Tether CEO Paolo Ardoino has accused competitors of using political and legal means to undermine the stablecoin issuer rather than focusing on creating competitive products.

Mask Network Founder’s Account Hacked in a $4 Million Crypto Theft

The founder of Mask Network, Suji Ya, had their account hacked, resulting in the theft of nearly $4 million worth of cryptocurrency. The stolen assets included 113 ETH, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDT, and 15 swETH. The hackers quickly converted the stolen assets to ETH and dispersed them evenly to six separate addresses to obscure the money trail. Mask Network’s native token, MASK, has been nearly 50% down in the past three months, and this incident could further impact its price.