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- Tether explores launching a U.S.-specific stablecoin if new regulations create a competitive market.
- CEO Paolo Ardoino confirms ongoing talks with U.S. officials about stablecoin regulation.
- Cooperation with U.S. agencies, including the FBI, demonstrates the company’s commitment to regulatory compliance.
Tether’s CEO, Paolo Ardino, said in an interview that they are currently consulting with the US to determine the future of stablecoin regulation. The stablecoin issuer is determined to launch a stablecoin suitable for the U.S. market if recent regulations make the market competitive. Ardoino disclosed this in an interview with the Financial Times, stating that Tether is considering launching a US dollar reserve-anchored stablecoin.
Ardoino stated that Tether has been monitoring the situation with the U.S. stablecoin regulation. He said that there is still no resolution on stablecoins, as the US government believes that further development of this point, but he did not give any information regarding the proceeding.
Tether’s U.S. Market Strategy
Ardoino noted that if such new rules provide for increased competitive pressure on the stablecoin based in the United States, Tether may consider launching a stablecoin for this market. This new stablecoin would act as a ‘settlement currency’ within the United States because the country is experiencing the growth of the digital economy.
Nevertheless, the world’s biggest cryptocurrency by market capitalization does not have access to the U.S. market. The company is valued at about $144 billion and its users topped over 400 million. Ardoino pointed to stablecoins as increasingly relevant in the financial world, and referred to this as the “stablecoin multiverse” to infer the significance of such currencies.
U.S. Stablecoin Regulation Compliance
The US is developing new regulations that might force local or international stablecoin issuers such as Tether to follow certain laws. However, Ardoino further explained that Tether is already in compliance with similar requirements voluntarily.
He also noted that the company cooperates with the major U.S authorities, including the FBI and the U.S. Secret Service, making Tether the only stablecoin issuer. “We are the only ones that on-board the FBI, on-board the U.S. Secret Services,” he said.
Still, Tether has settled on developing a stablecoin specifically for the United States’ market, but it will require new regulations to level the playing field. Tether does not operate in the United States at the moment; however, Tether has contacts with such organizations as the FBI and the U.S. Secret Service, which indicates the growing role of digital currencies in the modern world.
