Samson Mow, CEO of cryptocurrency firm Pixelmatic, has weighed in on fears surrounding Tether (USDT) following reports that it will be delisted from cryptocurrency exchanges in the European Union.
In his statement, Mow called the concerns uninformed or agenda-driven, highlighting Tether’s strong market position and historical resilience.
With $143 billion in assets under management (AUM), Tether is far from vulnerable, Mow said. “The time of FUD was when the company probably had less than $100 million in assets,” he said, adding that Tether is now one of the top 20 holders of U.S. Treasuries, outpacing all but 18 countries in treasury holdings.
Mow also noted the importance of Cantor Fitzgerald, a major financial services firm that backs Tether. According to Mow, Cantor Fitzgerald’s CEO, who has been nominated as the future US Secretary of Commerce, is an indication of the stablecoin’s institutional credibility.
Mow noted Tether’s leadership in the stablecoin market, with trading volumes 16 times that of its closest rival, USD Coin (USDC), and Tether’s role in serving hundreds of millions of users in the southern hemisphere, where it has become a vital tool for financial inclusion.
Taking aim at Tether’s critics, Mow offered a “friendly historical reminder” of the events surrounding Bitcoin’s controversial on-chain forks. He accused Coinbase and Circle, the companies behind USDC, of trying to fork Bitcoin and take control of the network. In response, Mow credited Tether’s team for creating on-chain split markets that played a key role in preventing the rise of “fake Bitcoin forks.”
*This is not investment advice.
