Source: Cointelegraph
Original: (Report: Tether plans to launch stablecoin products in the U.S. as early as this year)
Tether's CEO Paul Ardoino stated in a CNBC interview on April 30 that Tether plans to launch U.S. stablecoin products as early as this year.
Tether's flagship stablecoin Tether (USDT) has already become the largest 'exporter' of the U.S. dollar, Ardoino told CNBC. According to CoinGecko, its market cap is close to $150 billion.
Now, Tether is ready to enter the U.S. market by 'the end of this year or early next year,' Ardoino added, with the timing depending on the progress of U.S. lawmakers on stablecoin legislation.
The stablecoin issuer is attracting U.S. regulators by actively cooperating with law enforcement and emphasizing the benefits of USDT to the U.S. economy.
'We are simply exporting what we think 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 stablecoin market share.
Tether is also the most profitable stablecoin issuer, with net income approaching $14 billion in 2024.
It generates income by accepting dollars to mint USDT and then investing those dollars in highly liquid, higher-yielding instruments like U.S. Treasuries. However, USDT's popularity is mainly 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.
Nansen’s report on April 25 indicated that the adoption of USDC accelerated after U.S. President Trump won the election in November. CoinGecko data shows that Circle's USDC market cap exceeds $60 billion.
However, USDT may still maintain its leading position in the stablecoin market. 'Although stablecoins may diversify, we inevitably see this as a market dynamic where the 'winner takes most',' a Web3 researcher added.
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