Tether, the largest issuer of the USDT stablecoin, announced its plans to enter the U.S. institutional stablecoin market. CEO Paolo Ardoino shared insights on the current progress in this area.
New Tether Strategy for the U.S. Market
In an interview with Bloomberg Television, Ardoino stated that the company is actively developing its strategy for the U.S. domestic market. An official announcement about Tether's plans is expected in the coming months.
Legislative Changes and Competition
This announcement comes in the wake of the signing of the GENIUS Act, which sets standards for stablecoin issuers in the U.S. The new legislation requires larger players to conduct annual audits and sets clear rules for firms issuing tokens from outside the U.S. Ardoino noted that traditional banks, such as JPMorgan and Bank of America, are exploring the launch of their stablecoins under the new U.S. regulations.
Tether's Financial Metrics
As of March 31, Tether held $98.5 billion in direct Treasury bills and an additional $23 billion in cash-like instruments. Currently, the company maintains $5.6 billion in reserves beyond what is needed to back USDT, a decrease from previous figures. The total supply of USDT in circulation has reached $149 billion.
Tether is actively developing its plans to enter the institutional stablecoin market, considering legislative changes and the competitive environment. These steps could significantly impact the company's future and the overall stablecoin market.
