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 USA at the beginning of next year. The exact timing will depend on the progress of legislation regulating stablecoins, which is already under consideration by Congress.
What else is known? Ardoino also stated that the Tether-issued stablecoin USDT is one of the most successful export products of the USA. The asset ranks third in the overall cryptocurrency market capitalization ranking, trailing 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 reviewing bills to regulate stablecoins, known by the acronyms STABLE and GENIUS. They classify issuers as financial institutions, require issuers to keep reserves separate from their own funds, and tighten 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. The launch partners included broker Cantor Fitzgerald and holding SoftBank.
21 Capital will launch with a capital of 42,000 BTC, most of which will be contributed by Tether, thereby gaining a majority stake. The CEO of the new firm is Jack Mallers, the creator of Strike.
Last year, Tether launched four business units: Tether Data for developing and strategic investments in innovative technologies, Tether Power for Bitcoin mining, Tether Edu for launching global educational courses, and Tether Finance for offering financial services, including USDT management.
In April, Tether invested in the crypto payment company Fizen to increase the accessibility of stablecoin payments in emerging markets.
