Tether, the stablecoin giant, is gearing up for a significant push into the US market following recent regulatory developments. CEO Paolo Ardoino revealed in an interview with Bloomberg that the company is actively working on its US domestic strategy in light of the GENIUS Act signed by President Donald Trump. This legislation is expected to enhance the role of stablecoins in the global financial system, potentially allowing various entities to issue their own digital tokens.
Ardoino emphasized that Tether’s focus in the US will be on institutional markets, offering an efficient stablecoin for payments, interbank settlements, and trading. This marks a significant shift for Tether, which had faced regulatory challenges in the US in the past, including allegations of misleading claims about its reserves and operations. Despite these hurdles, Tether’s USDT token has continued to dominate the stablecoin market globally, with over $162 billion in circulation, representing an 18% increase since the beginning of the year.
As Tether reenters the US market, it faces growing competition from Circle, whose stock has seen a substantial surge following its IPO. However, Tether has no plans to pursue a public offering, reaffirming its focus on its core business strategy. The new regulatory landscape in the US is seen as a positive development for stablecoins, potentially normalizing their usage in both crypto trading and traditional financial systems.
While Tether has faced criticism for its lack of transparency, particularly regarding its reserves, Ardoino mentioned that the company is in discussions with auditing firms to address these concerns. Tether remains committed to its strategy of leading in emerging markets, where it believes it has a competitive advantage over its peers.
Overall, Tether’s reentry into the US market reflects a broader trend of stablecoin adoption and regulatory acceptance. The company’s long-standing presence in the industry positions it well to capitalize on new opportunities and solidify its position as a key player in the evolving financial landscape.