Tether eyes US market entry with a compliant stablecoin while pursuing a full audit to increase institutional trust and transparency.
Lawmakers push stablecoin bills mandating full asset backing, putting pressure on foreign issuers like Tether to adjust reserves.
Meta explores stablecoin payouts for creators to cut fiat costs, signaling a cautious return to crypto amid ongoing regulatory tension.
As U.S. regulations tighten their hold on the stablecoin industry, Tether, the biggest stablecoin issuer in the world, is getting ready for significant changes, according to Bloomberg. The company is keeping a careful eye on the GENIUS Act while continuing to concentrate on global markets, according to CEO Paolo Ardoino. Notably, Tether is thinking of introducing a stablecoin that complies with US regulations in order to draw in institutional customers and satisfy impending regulations.
Besides, Tether is reportedly in discussions with a Big Four accounting firm to conduct a full audit of its reserves. This comes amid ongoing scrutiny regarding its current attestation process handled by BDO Italia SpA. The company's latest financial report shows $149.28 billion in total assets against $143.68 billion in liabilities.
U.S. Legislation Targets Stablecoin Issuers
The Senate and House stablecoin bills mandate full cash and “safe asset” backing for all stablecoins. Additionally, issuers must comply with anti-money laundering laws and be subject to the Bank Secrecy Act. The GENIUS Act would also let regulators approve foreign issuers under comparable overseas standards. While most of Tether’s reserves would comply, a portion—such as Bitcoin and secured loans—might not.
Consequently, Tether could face pressure to adjust its reserve composition. However, Ardoino emphasized that Tether is unfazed by bank-issued stablecoins. He stressed that their core user base includes the 3 billion unbanked people globally. Moreover, he reiterated the firm’s commitment to building tools that empower users outside traditional finance.
Meta Considers Stablecoin Payouts
Meanwhile, Meta is re-entering the stablecoin space from a new angle. According to insiders, the company is exploring stablecoin-based payouts for creators. This strategy aims to bypass high fiat transfer fees. Unlike the failed Libra project, Meta now plans a token-agnostic approach, favoring stablecoins like USDC.
However, political opposition remains strong. Senator Elizabeth Warren criticized the GENIUS Act draft, claiming it still enables Big Tech to issue stablecoins. She warned of financial instability and privacy concerns. Yet, the bill advanced with support from 16 Democrats, signaling possible compromises ahead.
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