Tether Unfazed by USDT Ban, Plans New Stablecoin for American Market

In the event that Tether’s USDT does not comply with the new stablecoin regulations in the U.S., the company plans to introduce a new asset tailored for the American market. This announcement was made by CEO Paolo Ardoino to Decrypt.

«We believe that [USDT] is ideally suited for emerging markets, but we can design a payment stablecoin that will operate in the U.S.,» he commented.

Currently, Congress is reviewing two competing bills regarding «stablecoins» — the STABLE Act and the GENIUS Act. Both proposals include specific requirements for foreign issuers, including Tether, which is registered in El Salvador.

Ardoino expressed that his primary interest lies in emerging markets where USDT plays a significant role, and he is less concerned about U.S. legislation:

«We don’t think there’s anything particularly problematic in the stablecoin legislation.»

Additionally, Ardoino believes that USDT will continue to trade in the secondary market. Under the existing framework, the GENIUS Act pertains to the direct sale of the asset to American citizens, while the STABLE Act prohibits trading for custodial intermediaries like Coinbase two years after its enactment.

As a reminder, back in March, Ardoino projected that the number of USDT users could reach a billion.