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Bitfinex-Tether CTO claims user demand drives USDT distribution as questions raised against Tether swap

Namrata Shukla

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Bitfinex-Tether CTO claims user demand drives USDT distribution as questions raised against Tether swap
Source: Pixabay


The Bitcoin community was relishing in the coin’s performance recently. However, other crypto-enthusiasts appeared skeptical of the king coin’s growth. The suspicion of Tether and Bitfinex’s involvement  in the said surge constantly did the rounds, and with Tether Treasury printing USDT in the name of swaps, this suspicion was strengthened in the community.

Twitter user and crypto-enthusiast, @BenDiFrancesco, posed an intriguing question to Anthony Pompliano about the swap that Bitfinex and Tether CTO, Paolo Ardoino, has been talking about. @BenDiFrancesco asked Pomp,

“Hey @APompliano, as a fan of Both BTC & ETH I’m not trolling here, I’m genuinely curious what you think. The most successful asset ever built on top of Bitcoin is migrating to Ethereum.
Do you still think BTC will be where assets live when we tokenize the world? If so, why?”

Pomp was swift in his reply and told the user that the most secure chain would benefit from the ‘winner takes most market opportunity.’ However, the user pointed out that despite Bitcoin blockchain being considered to be more secure,”no one is putting assets on top of it” and Tether is migrating to Ethereum blockchain.

Paolo Ardoino jumped in by stating that “we are increasing our efforts to support Omni, @Blockstream’s Liquid and LN/RGB to make sure to give the ability to Tether users to use a transport layer secured by Bitcoin network.”

He further added that the distribution of USDT across platforms was purely driven by user demand and that “Interfering with user preference would be detrimental.” However, Tether’s minting and large transactions have been aligning with Bitcoin’s price movement and due to the facts laid out during the Bitfinex-Tether fiasco, a few months back, the market remains suspicious of Tether’s activities.





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