Tether Accelerates U.S. Expansion Amid New Stablecoin Regulations
Main Idea
Tether is advancing its plans to enter the U.S. stablecoin market, with new regulations and audits underway, while facing competition from major banks and collaborating with authorities to freeze illicit funds.
Key Points
1. Tether CEO Paolo Ardoino announced plans to enter the U.S. stablecoin market, with details expected soon.
2. The GENIUS Act, signed by President Donald Trump, mandates annual audits for stablecoin issuers with over $50 billion in reserves.
3. Tether appointed a new CFO to secure a full audit from one of the Big Four firms (Deloitte, EY, PwC, or KPMG).
4. Major U.S. banks like JPMorgan, Bank of America, Citigroup, and Wells Fargo are planning to launch their own stablecoins.
5. Tether has frozen $2.9 billion in USDT linked to illicit activities, collaborating with 275 agencies across 59 countries.
Description
Tether’s plans to enter the U.S. stablecoin market are ”well underway,” CEO Paolo Ardoino told Bloomberg Television . He noted that the USDT issuer is actively working on a strategy aimed at institutional clients, with additional details expected to emerge in the coming months. Obstacles for Tether On July 18, U.S. President Donald Trump signed the GENIUS Act, a bill aimed at regulating stablecoins. Tether CEO Paolo Ardoino, who was present, announced the following day that the company intends t...
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