US Banking giant JP Morgan In the report published yesterday, stablecoin in the market Tether’He expressed concern about ‘s increasing dominance and rapid expansion, saying that this could be a major risk to the broader crypto market.
JP Morgan analysts underlined Tether’s lack of regulatory compliance and transparency in the report, stating that its increasing concentration is affecting the stablecoin universe and the general cryptocurrency He stated that it is seen as a negative for the ecosystem.
Tether CEO Paolo ArdoinoThe response to JP Morgan’s report was not delayed.
Speaking to The Block, Tether CEO argued that Tether’s growing market dominance is ‘negative’ for JPMorgan, which competes with them in the stablecoin space, but is not negative for the cryptocurrency industry:
“Tether’s market dominance may be a ‘negative’ for competitors, including those wishing for similar success in the banking industry, but it has never been a negative for the markets that need us most.
We have always worked closely with global regulators to educate them about the technology and provide guidance on how to think about it.
I think it is a happy development that JPMorgan has included Tether and USDT on its agenda and accepted the importance of Tether technology.
However, I see it as hypocritical for JPMorgan, one of the largest banks in the world, to talk about concentration.”
*This is not investment advice.
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