Tether Maintains Focus on International Markets Despite Changes in the US
Date: 2025-05-26 Author: Oliver Abernathy Categories: BUSINESS
Tether CEO Paolo Ardoino said that the company is not going to switch its attention to the American market, even despite the promotion of new rules for stablecoin issuers in Congress. In an interview with Bloomberg TV, he noted that foreign directions will remain the main priority.
On May 20, the US Senate supported a bill called the GENIUS Act, which defines the conditions for the functioning of stablecoins in the country. A similar document was approved by the relevant committee of the House of Representatives, but it has not yet been finally adopted. One of the key points of the new regulation is the difference between foreign and American issuers of digital assets.
Ardoino emphasized that Tether is carefully studying the requirements of the law, especially regarding the provision of stablecoins. US lawmakers are pushing for the issuance to be 100% backed by cash or safe instruments such as Treasury bonds. It is also expected to comply with bank secrecy laws and anti-money laundering regulations.
While Tether's reserves largely meet these criteria, some instruments, including Bitcoin and secured loans, may be prohibited. The company is exploring options to comply with the new regulations, but priority remains on emerging economies.
To date, USDT has a market capitalization of over $150 billion, giving the token about 60% of the stablecoin market share. The company serves over 420 million users, mostly in countries with limited access to the traditional banking system. Tether is headquartered in El Salvador.
Ardoino noted that in the US, there are already many payment solutions such as Zelle, PayPal, and bank cards, while stablecoins play a critical role in other regions. He also added that he does not consider potential competition from large American banks a threat. A consortium of banks, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, according to the WSJ, are discussing the creation of their own stablecoin, but, according to Ardoino, they are focused exclusively on the Western market.
In conclusion, he allowed for the possibility of launching a separate stablecoin that meets American requirements to offer it to institutional investors.
According to entrepreneur David Sachs, the implementation of the GENIUS Act is capable of significantly increasing demand for US government bonds - up to trillions of dollars.
