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One of the largest altcoins by market value, Ripple (XRP), often comes into the spotlight with such discussions. XRP Coin has taken hits as a result of its ongoing battle with the SEC for years. It has not seen its ATH level again and was lingering at $0.53 at the time of writing.
Ripple (XRP) and Tether (USDT)
The largest stablecoin by market value, USDT, and another major altcoin, XRP, are once again at odds. Garlinghouse mentioned in the World Class podcast two weeks ago that the US government might target Tether. We shared these statements back then, and Tether’s response was not delayed.
Tether CEO Paolo Ardoino labeled the Ripple CEO as uninformed, while Jan3’s CEO Samson Mow told Garlinghouse to “leave the attack to the XRP bots.”
Samson Mow said:
“Garlinghouse is clearly trying to spread FUD [fear, uncertainty, and doubt] about Tether. This has been a standard play for companies trying to compete with Tether for the last decade. Obviously, it’s not working. Just look at the incredible growth Tether has had and now they have diversified into areas like energy, artificial intelligence, and more.”
Targets Include USDT and Bitcoin
Samson Mow emphasizes that Tether is not the only target. This is already known, and if you recall, in mid-2021, we were discussing Elon Musk’s statements focusing on Bitcoin’s environmental impact. During those days (China had not yet banned mining citing carbon emission targets), there were comments from the Ripple side that bordered on anti-Bitcoin sentiment in the context of Musk criticizing miners’ energy consumption.
It was significant over time because many countries could have followed China’s lead and started a war on Bitcoin mining. Fortunately, China did not find the feared support, and Ripple executives, realizing they had drawn their weapons at the wrong time, put them away, claiming they were “misunderstood.” Samson Mow said:
“Garlinghouse is motivated to attack both Bitcoin and Tether because both compete with what Ripple/XRP wants to be. Bitcoin was the first target of bot armies while XRP was trying to become money. Now that Ripple wants to be a stablecoin issuer, they will try cheap shots as we see now. XRP failed in competing with Bitcoin and will fail with stablecoins too.”
