Tether’s plans to enter the US stablecoin market are “in full swing,” according to the company’s CEO, Paolo Ardoino, in an interview with Bloomberg Television.
He noted that the issuer of USDT is actively working on a strategy aimed at institutional clients. Details are expected to emerge in the coming months.
Challenges for Tether
On July 18, US President Donald Trump signed the GENIUS Act, a bill aimed at regulating stablecoins. The following day, Tether’s CEO announced that the company intends to obtain the status of a foreign issuer of “stable coins.”
Under the new requirements, firms issuing stablecoins with a capitalization exceeding $50 billion must undergo a full audit of reserves annually. Currently, the issuer of USDT only provides quarterly attestations from BDO Italia.
In June, Tether appointed a new Chief Financial Officer to expedite the process of obtaining an audit from one of the “Big Four” firms (Deloitte, EY, PwC, or KPMG).
In the US, competition is also increasing from major banks. JPMorgan, Bank of America, Citigroup, and Wells Fargo plan to launch their own “stable coins” that will comply with the new regulations. In his latest interview, Ardoino emphasized that this will not pose a problem for Tether:
“They will be serious competitors and may be better than us in the US in the short term—simply because this is a new market for us. But we have the best technology and a deeper understanding of the industry, which no one else has.”
Tether expects that the $13 billion net profit earned last year will allow for the necessary “adjustments.” The issuer estimates it will enter the US market within the next three years.
In May, Ardoino revealed that the company will launch an additional version of USDT, targeting the United States and institutional investors. The new product will “focus on payments and very high efficiency.” Its release is expected in early 2026.
Cooperation with Regulators
On July 24, Tether assisted US authorities in freezing $1.6 million in USDT. These funds are linked to the Buy Cash Money and Money Transfer Company (BuyCash) network in Gaza, which the US Department of Justice suspects of financing terrorism.
The issuer “identified wallets on the secondary market” after notification from law enforcement, froze the funds, and then reissued the coins for return.
Over the past year, Tether has blocked a total of $2.9 billion in USDT linked to illegal activities, according to a press release. The company supported 275 agencies in 59 countries.
In March, the issuer froze $23 million in wallets of the sanctioned exchange Garantex and $9 million stolen in the Bybit hack. In June, Tether helped Brazilian authorities intercept $6.2 million as part of a money laundering scheme through the Klever Wallet platform.
In June, the US Department of Justice noted Tether’s involvement in the confiscation of $225 million in USDT. In total, the firm has blocked over 5,000 wallets, 2,800 of which were in cooperation with US agencies.
“The transparency of the blockchain and our ability to quickly respond to abuses is our strength. Unlike traditional financial systems, where illegal flows often go unnoticed, USDT is transparent and accountable,” Ardoino stated.
Back in July 9, Tether invested in Crystal and disclosed details of a $8 billion gold reserve.