Tether CEO Paolo Ardoino stated in a Bloomberg interview this morning, July 24, that due to the official implementation of the U.S. stablecoin bill (GENIUS Act) and the establishment of clear regulations for stablecoin governance, Tether has decided to enter the U.S. market, targeting institutional payments, interbank settlements, and trading markets.
Ardoino attended the signing ceremony, and Trump specifically named and thanked him.
U.S. President Trump formally signed the stablecoin bill (GENIUS Act) on July 21. Besides senior U.S. government officials, several well-known figures from the cryptocurrency industry also attended the signing ceremony. Tether CEO Ardoino was also present, and Trump personally thanked Ardoino, expressing gratitude for Tether's contributions to the cryptocurrency industry.
Tether previously withdrew from the U.S. due to controversies, but is now re-entering and targeting institutional payments.
After the signing ceremony, Ardoino stated in an interview:
"In the future, we will focus on the U.S. institutional market, providing efficient stablecoins mainly for payments, interbank settlements, and trading."
Currently headquartered in El Salvador, Tether has faced criticism in the past for a lack of transparency. In 2021, it was accused by U.S. regulators for making false or misleading statements.
In order to settle, Tether paid nearly $60 million in fines to the State of New York and the Commodity Futures Trading Commission (CFTC), and was also banned from operating in New York.
There has been ongoing skepticism regarding Tether's failure to provide complete audit reports. In response, Ardoino revealed that Tether has recently engaged with auditing firms to address this gap.
Circle has become Tether's biggest competitor in the U.S. market, but Tether does not intend to go public.
If Tether once again enters the U.S. market, it will undoubtedly impact the USDC issuer Circle, which currently holds a dominant position in the U.S. market. Additionally, Circle's stock surged by 365% after its listing in the U.S. this June.
Tether's USDT market capitalization is currently about $162.5 billion, an increase of about 18% since the beginning of this year. In comparison, Circle's USDC circulation is about $64.7 billion. There is external attention on whether Tether will go public in the U.S. like Circle, but Ardoino clearly stated:
"We are not interested in going public."
(Tether does not consider IPOs; each employee earns $130 million, making it the 'bank' with the highest per capita profit globally.)
The United States is just a new battleground; Tether's focus remains on emerging markets.
Although Tether plans to return to the U.S. market, Ardoino emphasized:
"Tether has performed very well in emerging markets over the past 10 years. We have better technology and a deeper understanding of the needs of these markets, still focusing on emerging markets as our core."
(Check out Tether's latest layout! CEO Ardoino: $20 billion investment in farmland, AI, and energy mining.)
This article on Tether's return to the U.S. market! CEO Ardoino: Targeting institutional payments and bank settlements first appeared in Chain News ABMedia.
