Stablecoin Giant Tether Rekindles Plans to Break Into US Market: Report

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 own digital tokens.

“We are well in progress of establishing our US domestic strategy,” Ardoino told Bloomberg. “It’s going to be focused on the US institutional markets, providing an efficient stablecoin for payments but also for interbank settlements and trading.”

The passage of landmark US crypto legislation signed into law last week by President Donald Trump is prompting the world’s largest issuer of stablecoins to make plans to do business in the US again https://t.co/9xig1dihLB

His announcement signals a notable reversal for Tether, which has kept its operations largely offshore since 2021, when it paid nearly $60m to settle allegations with US regulators.

The company was barred from operating in New York after the attorney general’s office accused it of making false claims about its reserves. The Commodity Futures Trading Commission also fined Tether for misleading the public about how well its stablecoin was backed.

Despite the regulatory setbacks, Tether’s USDT token has remained dominant globally, with more than $162b in circulation. That figure is up 18% since the start of the year. Its closest rival, USDC issued by Circle Internet Group, has a circulating supply of around $64.7b.

Tether’s renewed focus on the US comes as competition heats up. Circle, which went public in June, has seen its stock surge over 500% since its debut. Tether, however, has no plans to follow suit.

“In general we are not interested in becoming a public company,” Ardoino said.

The new legislation appears to be opening doors that were previously shut. Ardoino, along with other crypto executives, attended the White House bill signing. The law could, for the first time, help normalize stablecoin usage, both in crypto trading and across mainstream financial infrastructure.

Tether has long been under fire for a lack of transparency, particularly regarding its reserves. Audits, promised for years, have yet to materialize. But Ardoino said the company has been in contact with auditing firms in recent weeks.

As it re-engages with the US, Tether looks committed to its primary strategy of leading in emerging markets. Ardoino said that these regions are a key priority, where the company believes it maintains a strong advantage over competitors.

“This is something that Tether has done incredibly well for the past 10 years,” he said. “We have a better technology, we have a much better understanding of this market than anyone else.”

The post Stablecoin Giant Tether Rekindles Plans to Break Into US Market: Report appeared first on Cryptonews.