Tether CEO dismisses JPMorgan's skepticism on stablecoin demand

Tether CEO Paolo Ardoino responded to JPMorgan co-president Doug Petno's claims that institutional demand for stablecoins remains limited. Ardoino used an analogy about selling ice in the Arctic to suggest JPMorgan is out of touch with reality, pointing to the $183 billion market capitalization of USDT and the $311 billion total stablecoin market. Petno had previously stated that institutional interest is hindered by regulatory and interoperability challenges, despite JPMorgan's own blockchain payment division, Kinexys, projecting a stablecoin market size of up to $750 billion.