Paolo Ardoino, the CTO of Tether, has welcomed PayPal's entry into the stablecoin industry, stating that it will encourage competition and drive innovation. He also addressed concerns about Tether's onboarding process, explaining that it requires strict anti-money laundering and know-your-customer procedures to avoid putting users at risk. Despite these measures, Tether has still processed redemptions, redeeming around $325 million worth of assets on August 7th.
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Tether CTO welcomes PayPal's entrance into stablecoin industry, emphasizes need for competition and regulatory oversight
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