Tether and Circle, leading players in the stablecoin market, are adapting to new rules introduced by President Donald Trump through the GENIUS Act.
Tether's Preparation for GENIUS Act Compliance
Tether plans to obtain foreign issuer status for its stablecoins in the U.S. under the requirements of the GENIUS Act. Tether CEO Paolo Ardoino confirmed this in an interview with CoinDesk. Complying with new regulations will mean implementing a revised audit regime and making changes to USDT’s reserve structure. Ardoino noted that Tether's $13 billion net income last year provides ample resources for these adjustments.
Tether's Projections and Plans for the U.S. Market
Ardoino estimated it would take around three years for Tether to enter the U.S. market. The company also intends to launch a version of USDT specifically targeting the United States and institutional investors. He emphasized that the new product will focus on payments and high efficiency to meet the needs of institutional clients.
Circle Welcomes New Regulations
Jeremy Allaire, co-founder and CEO of Circle, stated that the passage of the GENIUS Act 'legitimizes the company’s approach to doing business.' He expressed confidence that the new regulations would provide a 'green light' for large technology companies and financial institutions interested in entering the stablecoin market.
Thus, both Tether and Circle are preparing for significant changes in their operational processes due to the new regulations, which may positively impact the U.S. stablecoin market.
