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News - Binance CEO criticizes USDT, Tether boss fires back
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07-08-20232 min read
Binance CEO criticizes USDT, Tether boss fires back
Tether (ERC-20) (USDT)
Stablecoin
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Unrest between the two bosses. Binance CEO "CZ" and Tether boss Paolo Ardoino are embroiled in a vulgar shouting match on social media. What's behind it?
Binance CEO Chanpeng "CZ" Zhao expressed concerns about the transparency of Tether, the company behind the world's largest stablecoin (USDT). In a Twitter AMA (Ask me anything), CZ criticized the way Tether USDT is centralized. Moreover, CZ accuses Tether of never experiencing a full and serious audit.
Partly because of these concerns, Binance decided at the time to launch its own stablecoin. It is therefore also ironic that the company has to take BUSD off the market this year from the U.S. Authorities. So it could just be that CZ is looking at Tether "jealously.
Isn't it interesting that USDt is being pressured down (slightly, within 10bps, just to push market makers to react), and USDc, the main competitor that you would expect being gaining from the situation, is redeemed heavily nevertheless, while suddenly a competitor born 2 days…
— Paolo Ardoino 🍐 (@paoloardoino) August 3, 2023
A few days after CZ's statements, Tether CTO Paolo Ardoino spoke out about unusual market movements and attempts at manipulation in the stablecoin segment. "Some people never learn," Ardoino said. In this argument, Ardoino does not name man and horse, but it is a clear message back to CZ.
Tether released new quarterly results on July 31. The company made a profit of nearly a billion US dollars.
