Tether CEO Paolo Ardoino slammed Wall Street giant JPMorgan’s “hypocrisy” to raise concerns about the stablecoin issuer’s dominant position in the cryptocurrency market while being the “biggest bank in the world.”
In a Feb. 2 statement sent to CryptoSlate, Ardoino stated that Tether’s market dominance has proven crucial for the emerging industry despite the negative perceptions that its competitors and banks have about it.
“Tether’s market domination may be a ‘negative’ for competitors including those in the banking industry wishing for similar success but it’s never been a negative for the markets that need us the most,” Ardoino quipped.
On Feb. 1, JPMorgan expressed apprehensions about Tether’s impact on the broader crypto market, citing concerns about its “lack of regulatory compliance and transparency.” The Wall Street giant also expressed fears of how Tether poses a risk for crypto due to its deep integration within the system
Furthermore, the bank
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