Tether, the issuer of the USDT stablecoin, plans to maintain its focus on international markets despite changes in the regulatory environment in the U.S. This was revealed in an interview with the company’s CEO, Paolo Ardoino, for Bloomberg TV.
This is reported by Finway
Tether’s Position on the U.S. Market
Ardoino emphasized that the new bill Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act) is a significant step forward in the regulation of stablecoins. However, he noted that it is important for Tether to see what approach the U.S. authorities will take regarding foreign issuers. According to him, there are many ways to conduct transactions in the U.S., unlike in developing countries where such options are limited.
“But if you look at these markets, there are about 3 billion people who have faced debanking. They have been left out of the traditional financial system. They need something stable in their lives, a digital dollar, which is what USDT is.”
The Future of Tether’s Stablecoins
The company will primarily focus on emerging markets rather than the U.S. Tether is also considering launching a new stablecoin that would comply with U.S. legislation while remaining competitive. Ardoino noted that the company is ready to adapt to new regulations, such as the GENIUS Act, while maintaining its presence in foreign markets.
He also expressed concerns about the MiCA regulation, considering it less advanced than the U.S. bill. Ardoino stated:
“We are quite ‘comfortable’ with the GENIUS Act. But MiCA is a different story. These rules will require issuers of dollar stablecoins to hold 60% of their reserves in European banks. That’s a bad idea.”
In conclusion, Tether’s CEO emphasized that the company has learned from the mistakes of others, particularly from Circle, whose USDC asset faced difficulties due to the freezing of reserves at Silicon Valley Bank.