Tether CTO Aims Dig At DCG For Doubting USDT’s Resilience
Paolo Ardoino, the CEO of Tether, the issuer of USDT, the world’s largest stablecoin by market cap, has taken a jab at Digital Currency Group (DCG), the distressed crypto firm currently facing a lawsuit from the New York Attorney General (NYAG).
In a March 11 post on X, the CEO mocked DCG in the wake of newly revealed court documents. Fillings allege that the CEO was short “400 million” USDT following rumors of its instability when the crypto hedge fund Three Arrows Capital (3AC) collapsed. DCG and Barry Silbert feared that Tether “would blow up” and decided to hedge risks and protect the company.
Ardoino, reflecting on the events in mid-2022, said the attempt only highlighted Tether’s resilience, particularly when “almost all the rest of the crypto industry was melting down.”
Remember when many of hedge funds shorted $USDt on secondary markets, trying to cause a bank run?
Their only result was proving Tether's resiliency while almost all the rest of the Crypto industry was melting down.
Tether was able to redeem and pay 7B USD in 48 hours and more… pic.twitter.com/HZZXhKkr6b
— Paolo Ardoino
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