Tether CEO Paolo Ardoino announced that the company might introduce a new U.S.-compliant stablecoin if upcoming regulations force USDT out of the American market. The potential move comes as the $144 billion stablecoin issuer faces increasing regulatory pressure.
The announcement follows proposed U.S. legislation, including the STABLE and GENIUS Acts, which would require stablecoin issuers to maintain strict reserve requirements and undergo regular audits. The GENIUS Act, proposed by Senator Bill Hagerty, would mandate monthly detailed reserve reports for companies with over $10 billion in assets.
While some industry observers speculate that Tether might exit the U.S. market rather than comply with anti-money laundering regulations, Ardoino firmly rejected these claims. Speaking from Manhattan, he emphasized the company's commitment to regulatory compliance and collaboration with law enforcement agencies.
"We have already worked with over 200 global agencies and are in discussions with major audit firms," Ardoino stated, addressing concerns about the company's transparency. He dismissed rumors of a U.S. market exit as competitor-driven speculation.
The potential launch of a new stablecoin reflects broader changes in the crypto landscape. Recently, Binance removed USDT from its European platforms due to non-compliance with EU stablecoin regulations. Tether's strategy appears focused on adaptation rather than market withdrawal.
Stablecoins, digital currencies pegged to the U.S. dollar, play a key role in crypto trading by providing users with a stable medium for entering and exiting positions. As regulatory frameworks evolve worldwide, stablecoin issuers face mounting pressure to align with traditional financial oversight mechanisms.