Tether CTO Paolo Ardoino Addresses Recent Reports

It’s been just revealed that there is a top executive at stablecoin issuer Tether who is addressing the recent reports alleging that the company had exposure to the collapsed bank Signature Bank a while ago. Check out the latest reports about this below.

Tether’s chief technology officer, Paolo Ardoino, said recently that the firm had no exposure to Signature Bank, directly or indirectly, despite a recent article by Bloomberg claiming that Tether used the bank to find its path into the US financial system.

“As I stated on 12th of March 2023, Tether didn’t have any direct or indirect exposure to Signature. Good risk management where everyone failed…”

He continued and stated the following:

“I stand by my point about exposure. TradFi [traditional finance] guys annoyed Tether doesn’t blindly trust banks…”

According to the latest reports coming from the online publication the Daily Hodl, some anonymous sources familiar with the matter detailed to Bloomberg how Tether struck a deal with Signature Bank to find its way into the US banking system.

Alma Angotti, a former high-ranking member of the U.S. Securities and Exchange Commission (SEC), tells Bloomberg that if Signature Bank knew about and approved the deal, this could mean the bank was willing to take risks.

“They may well have known and decided this is less risky than opening up an account for Tether directly.”

According to the report, executives of Tether attempted to open accounts with Signature Bank in 2018, but were rejected.

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