Tether, the world’s biggest stablecoin company, is planning to start doing business in the United States again. According to the CEO, Paolo Ardoino, they are developing a domestic strategy aimed at U.S. institutional markets.
This comes shortly after President Donald Trump signed the GENIUS Act bill into law on July 18 at the White House.
In an interview with Bloomberg, Ardoino said, “We are well in progress of establishing our US domestic strategy.” He explained that the plan will focus on offering a fast and reliable stablecoin for payments, interbank settlements, and trading.
Stablecoins are digital tokens tied to traditional money like the U.S. dollar. Tether’s USDT is the most traded stablecoin by volume globally, even more than Bitcoin. But the company hasn’t operated in the U.S. in recent years because of legal troubles.
The GENIUS Act could change that by opening the door for more companies, including banks and tech firms, to issue their own stablecoins.
Ardoino attended the bill signing at the White House, along with top names in the crypto world, including Coinbase CEO Brian Armstrong and Gemini co-founders Tyler and Cameron Winklevoss.
Tether was previously fined nearly $60 million by U.S. authorities in 2021 and was banned from operating in New York. The fine came after claims that the company gave misleading information about its reserves. Ardoino said they’ve recently spoken to auditors about finally doing an official audit.
Right now, Circle is leading the U.S. stablecoin market with its coin, USDC, which has around $64 billion in circulation. Tether’s USDT, however, is much bigger globally, with about $162 billion in circulation. That number has grown by 18% since the beginning of the year.
Circle went public in June this year, and its stock price has gone up by more than 500%. But Ardoino said Tether has no plans to become a public company. “In general we are not interested in becoming a public company,” he said.
Tether is currently based in El Salvador and continues to grow in emerging markets. Ardoino believes Tether has an edge in those regions. “We have a better technology, we have a much better understanding of this market than anyone else,” he said.
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