- Tether CEO Paolo Ardoino says the company is considering creating a new U.S.-compliant stablecoin rather than adapting USDT to meet pending American legislation.
- Tether has never submitted to a full financial audit but claims to have high compliance standards and is in talks with “Big Four” accounting firms.
- With pending stablecoin regulations in both the U.S. and EU, Tether is focusing on emerging markets where USDT has become a powerhouse.
Tether CEO Paolo Ardoino revealed Friday that the company isn’t concerned about potential U.S. bans on its USDT stablecoin. Speaking to Decrypt, Ardoino stated that Tether is actively considering creating a new U.S.-domiciled stablecoin that would comply with pending American legislation rather than adjusting USDT to meet these requirements.
Two-Product Strategy for Different Markets
"We believe that our main stablecoin is perfected for emerging markets, but we can craft a payment stablecoin that works for the U.S.," Ardoino explained. "We need to have two products with two different value propositions." The $144 billion stablecoin issuer, now headquartered in El salvador, seems comfortable with a future where USDT isn’t a major player in either the United States or Europe.
This approach comes as parallel stablecoin bills move through the U.S. House and Senate toward floor votes. Both the STABLE Act and GENIUS Act would require foreign stablecoin issuers to comply with Bank Secrecy Act requirements and undergo vigorous reserve audits.
Ardoino dismissed theories that Tether would avoid the U.S. market because of these new laws, calling such claims the "smell of desperation" from competitors. "We don’t think there is anything particularly problematic," he said about the pending U.S. legislation.
Regulatory Challenges Worldwide
Tether’s business is already being impacted by regulations in other jurisdictions. Earlier this week, Binance delisted USDT from its European sites as the token doesn’t comply with new European Union requirements for stablecoin issuers. In response, Ardoino said Tether has invested in multiple European companies launching compliant stablecoins.
Despite never having submitted to a full financial audit, Ardoino maintains that Tether has "the highest level of compliance" among competitors regarding cooperation with law enforcement. He added that the company is currently discussing audit possibilities with multiple "Big Four" accounting firms, though these firms have been "rightfully" cautious about engaging with the stablecoin market.
Ardoino made these comments from the Manhattan offices of Cantor Fitzgerald, the Wall Street firm run by U.S. Commerce Secretary Howard Lutnick’s family, which custodies much of Tether’s U.S. Treasuries reserves.
The Tether CEO remains optimistic that USDT will continue to be listed on U.S. secondary markets, which he says are "very important for remittances," even if direct issuance is restricted.
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