Paolo Ardoino: Stablecoin Competition is Important for Regulation

According to Tether CEO Paolo Ardoino, the move by Ripple to launch its own stablecoin could greatly improve the legitimacy of the stablecoin market.

Ardoino has stated that healthy competition between major players is necessary in order to gain the recognition and approval of regulators for the use of fiat-backed tokens.

Ardoino believes that the stablecoin industry thrives on having multiple players, rather than being dominated by only one company.

With a current market capitalization of over $130 billion as of April 2021, stablecoins have become a significant aspect of the cryptocurrency landscape and offer various utilities, including on centralized exchanges and in DeFi protocols.

Ardoino stressed the importance of having several credible companies offering stablecoins, as it demonstrates the growing significance of the sector.