- Tether CEO Paolo Ardoino says the company plans a domestic stablecoin launch in the US by the end of the year.
- Ardoino highlights that the GENIUS Act’s passage has cleared a path for exploring the US market.
- Tether is already in talks with several financial institutions within the US that look to broaden their reach through the firm’s distribution channels.
Following the enactment of a proper regulatory structure for dollar-backed stablecoins through the GENIUS Act, Tether CEO Paolo Ardoino has expressed the firm’s plans to launch a domestic stablecoin for the US market. According to Ardoino, the company is in discussion with various financial institutions in the US that are interested in utilizing their infrastructure to expand their reach.
Tether to Launch US Stablecoin This Year
In a recent interview, Ardoino noted that the enactment of the GENIUS Act for dollar stablecoins has positively impacted the lenses through which USD issuers and Tether in particular view the US. Consequently, the Tether Chief stated that his firm is planning to launch a stablecoin in the US.
“Tether has the interest of launching a domestic stablecoin to provide its experience within the United States. I think that we could be one of the main players,” said Ardoino.
Tether’s confidence in taking over the US market stems from what its CEO described as already having a “huge potential distribution channel” in the country for its upcoming products.
He referred to strategic investments such as their $775 million investment in Rumble, a video-sharing platform and cloud services provider, in the company’s bid to acquire Northern Data, an AI and high-performance computing firm. According to him, Tether is not starting from zero in the landscape and has already established its path to be successful in the US.
In the meantime, Tether will comply with the GENIUS Act’s provisions for foreign issuers of dollar-denominated stablecoins. However, Ardoino emphasized that their sight is set on “a specific product for the United States” amid ongoing discussions with American financial institutions.
These financial institutions, said the CEO, are interested in Tether’s distribution channels as a means of broadening their reach. In response to the increasing institutional interest, Tether aims to finalize a strategy by the end of August and launch the domestic stablecoin by the end of this year.
Regulatory Compliance Remains Top Priority For Tether
On the firm’s commitment to global law enforcement and regulatory compliance, Ardoino confirmed that they work with over 250 law enforcement agencies in more than 50 nations. The firm is allegedly the only stablecoin issuer to onboard the US Secret Service and the FBI (Federal Bureau of Investigation).
Tether has been acknowledged by security agencies in the US and beyond for helping intercept over $3 billion in total illicit funds related to criminal activities and sanctioned entities across its jurisdictions.
Ardoino was a guest at the White House during the signing of the GENIUS Act. There, President Trump personally acknowledged the support of Ardoino and several other industry leaders, including Gemini’s Winklevoss twins, Coinbase CEO Brian Armstrong, and Circle CEO Jeremy Allaire.
What’s your Reaction?
+1
0
+1
0
+1
1
+1
0
+1
0
+1
0
+1
0
