According to PANews, following the signing of the GENIUS Act by U.S. President Donald Trump, Tether CEO Paolo Ardoino announced the company's intention to ensure its flagship stablecoin, USDT, complies with the Act's regulations for foreign stablecoin issuers to enable transactions within the United States. Ardoino stated that Tether aims to create a U.S.-based stablecoin while seeking approval for USDT under the GENIUS Act. He noted that Tether's products will cater to different needs of U.S. customers, with USDT potentially being used primarily for overseas remittances.
The GENIUS Act mandates foreign issuers to adhere to stringent anti-money laundering laws and undergo complex reserve audits. Although Tether's reserves have never undergone a comprehensive audit, Ardoino mentioned plans for future audits to ensure compliance.
