The stablecoin giant Tether is planning to re-enter the U.S. market, a move that signifies a significant strategic shift for the company since its withdrawal in 2021 due to regulatory issues. At that time, Tether paid nearly $60 million in settlement fees and faced regulatory bans and fines. Now, thanks to a significant change in the U.S. regulatory environment, Tether is preparing to re-enter the U.S. market.
Regulatory Environment Shift Drives Tether's New Strategy
Tether CEO Paolo Ardoino stated in an interview with Bloomberg on Wednesday that the company is actively advancing its domestic strategy in the U.S. This plan has been facilitated by the landmark "GENIUS Act" signed by U.S. President Donald Trump last week. The act is expected to expand the role of stablecoins in global finance and may allow banks, card networks, and tech companies to issue their own digital tokens.
Ardoino told Bloomberg, "We are steadily formulating our domestic strategy in the U.S., focusing on the U.S. institutional market to provide efficient stablecoins for payments, interbank settlements, and trading."
Breaking Free from Regulatory Shadows, USDT Circulation Soars
The announcement of this strategy indicates a clear shift for Tether. Since 2021, Tether has primarily operated overseas due to a settlement with U.S. regulators. At that time, the New York Attorney General's office accused Tether of making false statements about its reserves, leading to the company being banned from operating in New York. The U.S. Commodity Futures Trading Commission (CFTC) also fined Tether for misleading statements regarding the backing of its stablecoin reserves.
Despite facing regulatory setbacks, Tether's USDT token remains a leader globally, with a circulation exceeding $162 billion, an 18% increase since the beginning of the year. Its main competitor, USDC issued by Circle Internet Group, has a circulation of about $64.7 billion.
Tether Has No Plans to Follow Circle's IPO
Tether's plan to re-enter the U.S. market comes at a time of increased competition. Circle went public in June, and its stock price has soared over 500% since the IPO. However, Tether has made it clear that it has no intention of following suit. Ardoino stated, "Overall, we are not interested in becoming a publicly traded company."
The new legislation has opened doors for Tether that were previously closed. Ardoino attended the bill signing ceremony at the White House alongside other cryptocurrency industry executives. The law is expected to promote the regulated use of stablecoins in crypto trading and mainstream financial infrastructure for the first time.
Transparency Issues and Emerging Market Strategy
For a long time, Tether has faced criticism for its lack of transparency, especially regarding its reserves. The promised audits over the years have yet to be completed. However, Ardoino mentioned that the company has been in contact with auditing firms in recent weeks.
While re-entering the U.S. market, Tether remains committed to its leading strategy in emerging markets. Ardoino emphasized that emerging markets are a core focus area for the company, where Tether has technological advantages and market insights. "Over the past decade, Tether has performed exceptionally well in this regard," he said, "Our technology is more advanced, and our understanding of the market far exceeds that of our competitors."
Tether's plan to restart its U.S. market strategy indicates its ambition to further expand in the global stablecoin market. With the new regulatory environment and a focus on the institutional market, Tether aims to solidify its leadership position in payments and financial transactions. At the same time, the company will continue to deepen its efforts in emerging markets to maintain its competitive edge in the global stablecoin arena.
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