Paolo Ardoino, CEO of Tether, addressed analysts at Deutsche Bank.
On his X account, Ardoino referenced the most recent remarks made by analysts at Deutsche Bank, who stated that the bank had no space for discussion.
Paolo Ardoino- CEO of Tether
The CEO of Tether questioned Deutsche Bank’s capacity to criticize other players in the market, pointing out the bank’s history of fines and sanctions. Ardoino recalled that Deutsche Bank was also designated as the world’s riskiest bank by the International Monetary Fund.
“Deutsche Bank’s history of fines and penalties raises doubts about its own standing to critique others in the industry.”
Paolo Ardoino, Tether CEO
Users pointed out that since 2000, Deutsche Bank has spent more than $20 billion to settle 99 infractions. Consequently, the bank ought not to be critical of other businesses for their risks, product designs, or regulatory compliance.
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A stablecoin market analysis was conducted by the Deutsche Bank expert group, whose findings were previously released. The shortcomings of the asset class were identified by analysts, who also cited Tether’s lack of openness in issuing the USDT stablecoin.
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Analysts at Deutsch Bank also noted that, in light of Tether’s monopoly in the stablecoin space, the fallout from a USDT collapse would be more severe.
Stablecoins currently have a total market valuation of more than $160 billion, according to DefiLlama. With a dominance of over 69% in this sector, USDT is without a doubt at the top.
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