The largest issuer of stablecoins, Tether, will launch a dollar stablecoin aimed at the American market.
In an interview with CNBC, Tether CEO Paolo Ardoino stated that the issuer will present a new 'stable' coin for the US by the end of 2025 or early 2026.
Why does Tether need another stablecoin?
According to Ardoino, the new stablecoin will differ from USDT. Currently, Tether's main asset is traded mainly outside the US. The issuer wants to create another dollar 'stable' coin that will fully comply with American regulators' requirements.
The exact timeline for the launch depends on regulatory processes, including the consideration of the GENIUS Act bill. It outlines control mechanisms and reserve requirements for issuers. Experts believe that the passage of this bill could significantly simplify the operations of crypto companies in the States.
Ardoino emphasized that Tether is actively working with law enforcement and authorities. According to the New York Times, the company's CEO has met with lawmakers several times. The publication noted that he may have influenced their views on stablecoins.
Earlier, JPMorgan analysts stated that the issuer would have to sell part of its Bitcoin reserves to meet the requirements set by new regulatory initiatives. Then Ardoino denied it, saying that Tether would easily adapt to the new conditions in the US. However, the news about the launch of a stablecoin specifically intended for America raises doubts about this. There are reasons to believe that the company is afraid of losing market share in the world's largest market.
Competition is intensifying in the stablecoin segment. Recently, the World Liberty Financial (WLFI) project, associated with Donald Trump's family, launched its own 'stable' coin. The capitalization of USD1 has already surpassed $2 billion.
Stablecoin market. Source: DefiLlama
The issuer of the second largest stablecoin, USDC — the company Circle — is preparing for an IPO. This asset is also respected by regulators. According to DefiLlama, the market capitalization of USDC has doubled in the last year — from $30 billion to $60 billion. The stablecoin's share has increased from 20% to 25.4%, while the USDT share has decreased from 69% to 61%.