Ripple and Tether CEOs unite for CFTC stablecoin initiative after past feud
- CryptoQuinn
- September 24, 2025
- Fintech
- 0 Comments
Industry leaders collaborate on regulatory framework
Brad Garlinghouse and Paolo Ardoino, the CEOs of Ripple and Tether respectively, were photographed together during the launch of the Commodity Futures Trading Commission’s new collateral and stablecoin initiative. The event brought together several major cryptocurrency executives, including Crypto.com’s Kris Marszalek, signaling a coordinated industry effort to work with regulators on stablecoin standards.
Caroline Pham, head of the CFTC, described the initiative as “the killer app to modernize markets and make dollars work smarter and go further.” She emphasized that the program aims to unleash U.S. economic growth by lowering costs through more efficient financial infrastructure. The collaboration represents a significant step toward mainstream acceptance of tokenized assets and stablecoins within regulated financial markets.
From public dispute to professional collaboration
The joint appearance is particularly notable given the recent public disagreement between the two executives. Earlier this year, Garlinghouse had suggested that Tether could become crypto’s next “black swan event,” expressing concerns about potential regulatory actions against the stablecoin issuer. Ardoino quickly responded, defending Tether’s position while pointing out that Ripple itself was under SEC investigation.
Their willingness to work together on this CFTC initiative suggests a pragmatic approach to industry challenges. Perhaps both leaders recognize that coordinated engagement with regulators benefits the entire cryptocurrency ecosystem, even when individual companies may compete in specific market segments.
Competition in the stablecoin space
The collaboration comes at a time when both companies are expanding their stablecoin offerings. Tether recently announced USAT, a new US-regulated stablecoin that will compete directly with Ripple’s RLUSD, which launched last year. This creates an interesting dynamic where the companies are simultaneously cooperating on regulatory standards while competing for market share.
Industry observers note that having multiple regulated stablecoin options could actually strengthen the overall market by reducing systemic risk. If one stablecoin faces challenges, others can provide continuity, preventing the kind of market disruptions that Garlinghouse had previously warned about.
Regulatory progress and market implications
The CFTC initiative represents one of the most significant regulatory developments for stablecoins to date. By bringing together major industry players with regulators, the program aims to establish clear standards for collateralization and operational transparency. This could help address some of the concerns that have surrounded stablecoins since their inception.
For retail and institutional investors alike, clearer regulatory frameworks could mean greater confidence in using stablecoins for payments, trading, and as collateral. The involvement of established companies like Ripple and Tether lends credibility to the effort, though the ultimate success will depend on how effectively the standards are implemented across the industry.
What remains unclear is how quickly these standards will be adopted and whether they’ll become mandatory or remain voluntary guidelines. The cryptocurrency industry has often struggled with balancing innovation against regulatory compliance, but initiatives like this suggest a growing recognition that cooperation may be more productive than confrontation.
