Tether CEO Focuses on Foreign Markets Amidst Stablecoin Regulation
Paolo Ardoino, the chief executive of Tether, has revealed that the stablecoin issuer will maintain its focus on international markets as a stablecoin regulatory bill progresses through Congress.
Staying Overseas
In a recent report by Bloomberg, Ardoino emphasized that despite the ongoing discussions around the Genius Act, a bill aimed at regulating dollar-pegged cryptocurrencies in the US, Tether’s primary interest will remain outside of the United States.
“It is important for us to see how the Genius Act is distinguishing between foreign issuers and domestic issuers. For us, the main interest will remain outside of the US. We are looking at the Genius Act in a way that will allow us to be compliant. We can be compliant while still having a strong focus on foreign markets.”
Although Tether, headquartered in El Salvador, is the largest stablecoin issuer globally, it ceased serving US customers back in 2018.
Challenges in the US Market
The report highlights that if Tether were to shift its focus to the US market, it could encounter obstacles such as the inability to back USDT with Bitcoin due to existing regulations.
Ardoino also expressed that since Tether’s primary target audience is the unbanked population of approximately 3 billion people globally, the company is not concerned about potential competition from major banks like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo venturing into stablecoin issuance.
“We are not worried about the competitors coming from big banks, because they will look at the Western world. Our customer base are the 3 billion people unbanked that are not touching the banking system.”
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