Tether CEO Fires Back at BIS Over Stablecoin Safety

Tether CEO Paolo Ardoino is pushing back against criticism from the Bank for International Settlements (BIS) that stablecoins are not a reliable substitute for fiat money.

Ardoino argues that Tether's USDT, which has a market capitalization of over $183 billion, is safer because it is fully backed by liquid assets, unlike tokenized bank deposits which hold only 10% in liquid assets.

The dispute highlights concerns among banks about the potential impact of the Digital Asset Market Clarity Act (CLARITY ACT), which could trigger a large-scale migration of deposits into stablecoins.