Tether, the issuer behind the market’s largest stablecoin, USDT, is reportedly making progress toward reestablishing its presence in the United States. This progress follows notable regulatory breakthroughs that pave the way for a more supportive environment for digital assets in the country.
In a recent interview with Bloomberg Television, Tether CEO Paolo Ardoino revealed that the company is actively developing its domestic strategy, focusing on areas such as payments, interbank settlement, and trading.
Tether Eyes US Market Expansion
Based in El Salvador, Tether has faced regulatory challenges in the US, notably being banned from operating in New York. In 2021, the company paid nearly $60 million to settle allegations from the state and the US Commodity Futures Trading Commission (CFTC) regarding misleading claims about its reserves.
Despite these setbacks, Tether is reportedly committed to expanding its operations in the US while simultaneously focusing on emerging markets. This, in the wake of the passage of the GENIUS Act and the subsequent signing into law by President Donald Trump last Friday.
This new legislation is the first for the crypto industry in the US. It is expected to provide a new, supportive regulatory framework for dollar-pegged cryptocurrencies, such as USDT and USDC, which are the two largest by market cap.
During the interview, Ardoino addressed ongoing concerns regarding Tether’s transparency, particularly its failure to provide comprehensive audits.
He mentioned that the company is in discussions with auditors to engage them for future assessments. Tether releases quarterly attestations signed by BDO Italia SpA, rather than undergoing a full audit by one of the “Big Four accounting firms”—Deloitte, EY, KPMG, or PwC.
New US Stablecoin Initiative
While Ardoino confirmed Tether’s intention to comply with US regulations, he emphasized that the company remains dedicated to serving unbanked populations, which he estimates to be around 30 billion people globally.
In a notable development earlier this year, Ardoino also announced plans to launch a new dollar-pegged stablecoin in the US within the next year.
As reported by Bitcoininst, this initiative is part of Tether’s efforts to rebrand itself as a cooperative partner to American lawmakers and law enforcement, moving away from its previous image as a cryptocurrency favored by illicit actors.
During the Token2049 conference in Dubai, Ardoino elaborated on the distinctions between Tether’s domestic and international stablecoins, indicating that the forthcoming US stablecoin would be tailored to comply with local regulations.
The company’s recent attestation reported total assets of $149.28 billion against liabilities of $143.68 billion for its fiat-backed stablecoin holdings, reflecting a solid financial footing.
Featured image from DALL-E, chart from TradingView.com
