Paolo Ardoino Claims Competitors Aim to “Kill Tether”

Tether CEO Paolo Ardoino has raised concerns about a potential U.S. stablecoin bill that could restrict offshore issuers from accessing U.S. Treasury markets. He accused competitors of using political influence to weaken Tether’s role in the global financial system.

Stablecoin Regulations Spark Controversy

A new stablecoin bill markup, expected to be revealed soon, may prevent non-U.S. issuers from holding U.S. Treasuries. Vance Spencer, co-founder of Framework Ventures, called the move an attempt at regulatory capture.

“This is a blatant attempt at regulatory capture by U.S. players done at the expense of U.S. national interest,” Spencer wrote on X.

USDt is the most successful tool for US Dollar hegemony and distribution across emerging markets.

Tether built, over the last decade, the widest physical and digital distribution network, spacing from thousands of kiosks in Africa and South America to digital remittances… https://t.co/KD2oUzemT8

— Paolo Ardoino 🤖 (@paoloardoino) February 25, 2025

Two bills—the GENIUS Act in the Senate and the STABLE Act in the House—have been proposed. Spencer did not specify which one might introduce these restrictions.

Ardoino: Competitors Are Lobbying Against Tether

Ardoino responded to Spencer’s concerns, claiming rival stablecoin issuers were working behind the scenes to push Tether out of the U.S. market.

While our competitors’ business model should be to build a better product and even bigger distribution network, their real intent is ‘Kill Tether.’ Every single business or political meeting that they have culminates with this intent,” Ardoino said.

Although he did not mention a specific company, speculation quickly pointed to Circle, the issuer of USDC. Strive Funds CEO Matt Cole and others on social media suggested that Circle was lobbying for a competitive advantage.