Tether's CEO announced the launch of a new stablecoin in the US.

Tether's CEO announced the launch of a new stablecoin in the US.

- What happened? Tether's CEO Paolo Ardoino stated in an interview with CNBC that the company is preparing to launch a new product in the US at the beginning of next year. The exact timeline will depend on the progress of legislation regulating stablecoins, which is already under consideration by Congress.

Material from CNBC

What else is known? Ardoino also stated that the USDT stablecoin issued by Tether is one of the most successful export products of the United States. The asset ranks third in the overall cryptocurrency ranking by market capitalization, behind only Bitcoin and Ethereum with a value exceeding $148.7 billion. Its share of the total capitalization of the stablecoin sector exceeds 60%.

Currently, both chambers of the US Congress are considering bills regulating stablecoins known by the acronyms STABLE and GENIUS. They classify issuers as financial institutions, will require issuers to separately store reserves from their own funds, and tighten control over compliance with AML legislation.

Previously, Tether launched the company 21 Capital, which will accumulate bitcoin and offer investors access to the first cryptocurrency through its own shares. Partners in the launch include broker Cantor Fitzgerald and SoftBank Group (TYO:9984).

21 Capital will launch with a capital of 42,000 BTC, most of which will be contributed by Tether, thereby acquiring a majority stake. The CEO of the new firm is Jack Mallers, the creator of Strike.

Last year, Tether launched four business divisions: Tether Data for the development and strategic investment in bitcoins, Tether Edu for launching global educational courses, and Tether Finance for offering financial services, including USDT management.

In April, Tether invested in the cryptocurrency payment company Fizen to increase the availability of payments in stablecoins in emerging markets.