Source: Cointelegraph
Original: “Report: Tether Plans to Launch Stablecoin Product in the U.S. as Early as This Year”

The CEO of the stablecoin issuer, Paul Ardoino, stated in an interview with CNBC on April 30 that Tether plans to launch a U.S. stablecoin product as early as this year.

Tether's flagship stablecoin, Tether (USDT), is already the largest "exporter" of the U.S. dollar, Ardoino told CNBC. According to CoinGecko, its market capitalization is close to $150 billion.

Now, Tether is preparing to enter the U.S. market "by the end of this year or early next year," Ardoino added, noting that the timing depends on the progress of U.S. lawmakers on stablecoin legislation.

The stablecoin issuer is attracting U.S. regulators by actively collaborating with law enforcement and emphasizing the benefits of USDT to the U.S. economy.

"We are simply exporting what we believe is the best product created by the U.S.—the U.S. dollar," the CEO stated.

According to data from Web3 research firm Nansen, as of April 25, USDT holds about 66% of the market share among stablecoins.

Tether is also the most profitable stablecoin issuer, with a net income approaching $14 billion in 2024.

It generates revenue by accepting U.S. dollars to mint USDT and then investing those dollars in high-liquidity, higher-yield instruments such as U.S. Treasury bonds. However, the popularity of USDT is primarily limited to users outside the U.S., where the competing stablecoin USDC dominates.

Ardoino told CNBC that Tether designed USDT "for people living in small villages in Africa… or shopkeepers in Istanbul," adding that Tether is developing "different products" for the U.S.

A report from Nansen on April 25 indicated that the adoption of USDC accelerated after former President Trump won the election in November. CoinGecko data shows that Circle's USDC has a market capitalization exceeding $60 billion.

However, USDT may still maintain its leading position in the stablecoin market. "While stablecoins may diversify, we inevitably believe this is a 'winner takes most' market dynamic," Web3 researchers added.

Related: Report: Ripple's Proposal to Acquire Circle for $4 Billion to $5 Billion Rejected

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