Stablecoin Giant Tether Rekindles Plans to Break Into US Market: Report
Main Idea
Tether is planning a renewed push into the US market, driven by regulatory shifts and new legislation, despite past regulatory challenges and fines.
Key Points
1. Tether is developing a US domestic strategy focused on institutional markets, aiming to provide efficient stablecoin solutions for payments and interbank transactions.
2. The company previously paid $60 million in settlements and faced operational bans in New York due to regulatory scrutiny.
3. Tether's USDT remains the dominant stablecoin globally, with over $162 billion in circulation, an 18% increase since the start of the year.
4. Unlike competitor Circle, which went public and saw a 500% stock surge, Tether has no plans to become a public company.
5. New US legislation, including the GENIUS Act, is expected to normalize stablecoin usage and expand their role in the financial system.
Description
Tether is laying the groundwork for a fresh push into the US, spurred by a major shift in the country’s regulatory climate. CEO Paolo Ardoino told Bloomberg in an interview Wednesday that the company is moving ahead with its domestic strategy, following last week’s signing of landmark stablecoin legislation by US President Donald Trump. The so-called GENIUS Act is expected to expand the role of stablecoins in global finance, potentially allowing banks, card networks and tech firms to issue their...
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