Tether, the issuer of the world’s largest stablecoin USDT, is advancing its plans to enter the U.S. stablecoin market. CEO Paolo Ardoino confirmed to Bloomberg Television that a strategic push is “well underway,” with a sharp focus on institutional clients. More details on Tether’s U.S.-oriented initiative are expected in the coming months.
This move comes amid the recent passage of the GENIUS Act on July 18, signed by President Donald Trump, which imposes strict regulations on stablecoin issuers. The new law mandates full annual audits for companies with over $50 billion in stablecoin market capitalization, putting pressure on Tether to align with regulatory expectations.
To meet these requirements, Tether is taking proactive steps. In June, the company appointed a new CFO to fast-track a full audit by one of the Big Four firms, Deloitte, PwC, EY, or KPMG. Until now, Tether has published only quarterly attestations from BDO Italia. According to Ardoino, the company plans to seek classification as a foreign stablecoin issuer to comply with U.S. standards.
U.S. Competition and Institutional Push
Despite entering a new market, Tether will face stiff competition from top U.S. banks, including JPMorgan, Citigroup, Bank of America, and Wells Fargo, all of which are preparing to release their compliant stablecoins.
Ardoino acknowledges the challenge, stating, "They might be stronger in the U.S. short term, but Tether has better technology and a deeper industry understanding." Tether is leveraging its $13 billion net profit from last year to power its expansion efforts.
In May, Ardoino announced that a new U.S.-focused version of USDT would be launched by early 2026. This version is designed for high-efficiency payments, specifically tailored to institutional investors.
Strengthening Cooperation with Authorities
Tether has also been stepping up efforts to support regulators and law enforcement. On July 24, the company helped U.S. authorities freeze $1.6 million in USDT linked to Gaza-based BuyCash, suspected of financing terrorism.
The issuer tracked down the flagged wallets, froze the assets, and reissued refunds after validation. Tether has now frozen a total of $2.9 billion in USDT linked to illicit activities, supporting 275 law enforcement agencies across 59 countries.
Significant operations include:
$23 million frozen from Garantex in March
$9 million recovered after the Bybit hack
$6.2 million seized in a Brazilian laundering case via Klever Wallet
$225 million in USDT blocked in coordination with the U.S. Department of Justice in June
In total, Tether has disabled more than 5,000 wallets, including 2,800 in collaboration with U.S. agencies.
According to Ardoino, “The transparency of blockchain and our rapid response to misuse make us stronger than traditional finance. USDT is both traceable and accountable.”
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