Tether to Re-Enter U.S. Market with Stablecoin Services

Tether, the largest stablecoin issuer, has made headlines as it plans to re-enter the United States market to establish its U.S. domestic strategy, according to Paolo Ardoino, the firm’s CEO. 

According to a Bloomberg report, Tether’s USDT stablecoin is specifically designed to meet the needs of institutional investors seeking accelerated settlement processes.  Ardoino said in the Bloomberg interview,

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

Regulatory Shift in Stablecoin Landscape

Meanwhile, the announcement comes days after President Donald Trump signed the GENIUS Act into law, setting new regulatory standards for stablecoins in the U.S. 

Last week in Washington, the Tether CEO was present as Trump signed the GENIUS Act into law, a measure establishing federal oversight for fiat-backed digital assets. Under the new framework, such tokens must maintain full reserves in U.S. dollars or equivalent liquid assets. Additionally, stablecoin issuers with a market cap exceeding $50 billion will face mandatory annual audits. 

With a market capitalization of over $162 billion, Tether’s USDT is the most dominant stablecoin in the global crypto market, according to data from CoinGecko.  

Tether Faces Scrutiny Over Lack of Full Audit

For years, Tether has found itself at the center of controversy, not for its dominance in the stablecoin market, but for its decision to forgo a full independent audit. Instead, the company has leaned on quarterly attestations signed by BDO Italia. 

Last month, the company brought Simon McWilliams on board as its new CFO to help push for a full audit. Ardoino mentioned that working with a top firm like Deloitte or KPMG is a primary goal. 

As part of its institutional market penetration strategy, Tether considers the audit an essential milestone. Recent operational moves reflect the company’s ongoing commitment to enhancing transparency and proactively addressing regulatory expectations. 

Ardoino recognized that U.S.-based institutions such as Wells Fargo and Bank of America may initially outperform Tether in the domestic stablecoin space. However, he emphasized that Tether’s established global presence and superior technological infrastructure provide long-term strategic advantages. 

When questioned about the possibility of Tether going public, similar to Circle, Ardoino firmly stated that the company has no intention of pursuing a public listing at this time. 

Meanwhile, to enhance security and efficiency in the broader crypto asset ecosystem, Tether announced it will discontinue USDT support on five blockchains. These are Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand. According to the company, the move is scheduled to take effect next month.

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