The CEO of Ripple, in an episode of the World Class podcast, said that the US authorities are consistently increasing pressure on Tether and intend to stop the activities of the USDT stablecoin issuer.

Brad Garlinghouse believes that the cryptocurrency market has a 100% chance of experiencing a black swan event. The event will be tantamount to the collapse of the FTX Group. The head of Ripple argued his conclusions: the zeal with which the government began to put pressure on the issuer of stablecoins Tether could have an unpredictable impact on the entire digital asset market.

“There is no doubt that the US government is going after Tether. This is clear to me. As well as the fact that if this pressure does not stop, the crypto industry will face new large-scale shocks,” complained Brad Garlinghouse.

The businessman clarified that he was guided by his own observations and did not go into details of the actions of officials against Tether.

In March, Bloomberg, citing its own sources, published news that the US authorities and the UK government began to study transactions with USDT stablecoins, suspecting them of being used in illegal transfers through the Russian Garantex exchange.

In April, ratings agency Standard & Poor's reported that the US Congress was considering the “Gillibrand-Lummis bill” aimed at creating payment stablecoins and an enabling regulatory environment to encourage “responsible innovation” by US companies. S&P experts believe that the bill from Senators Kirsten Gillibrand and Cynthia Lummis could undermine Tether's dominance in the local digital asset market.

The day before, the prosecutor's office for the Southern District of New York accused the heir to the Cartier jewelry house and five Colombian citizens of laundering proceeds from drug trafficking using USDT stablecoins. And Deutsche Bank experts expressed doubts about the sustainability of Tether’s assets due to the opacity of stablecoin collateral.