Tether’s plans to enter the U.S. stablecoin market are "well underway," CEO Paolo Ardoino told Bloomberg Television. He noted that the USDT issuer is actively working on a strategy aimed at institutional clients, with additional details expected to emerge in the coming months.
Obstacles for Tether
On July 18, U.S. President Donald Trump signed the GENIUS Act, a bill aimed at regulating stablecoins. Tether CEO Paolo Ardoino, who was present, announced the following day that the company intends to obtain the status of a foreign issuer of “stablecoins.”
The new rules mandate that stablecoin issuers with a market capitalization over $50 billion must undergo a full audit of their reserves annually. Currently, the USDT issuer only provides quarterly confirmation reports from BDO Italia.
In June, Tether appointed a new CFO to accelerate the process of obtaining a full audit from one of the Big Four firms (Deloitte, EY, PwC, or KPMG).
In the U.S., competition from major banks is also increasing: JPMorgan, Bank of America, Citigroup, and Wells Fargo are planning to launch their own stablecoins in compliance with the new regulations. In a recent interview, Ardoino emphasized that this competition will not be a problem for Tether:
"They’re going to be serious competitors and maybe better than us in the U.S. in the short term, simply because it’s a new market for us. But we have better technology and a deeper understanding of the industry than anyone else."
Tether is counting on the $13 billion in net profit it earned last year to make the necessary adjustments. The issuer estimates it will enter the U.S. market within the next three years.
In May, Ardoino said that the company would launch an additional version of USDT aimed at the United States and institutional investors. The new product will “focus on payments and very high efficiency,” with its release expected in early 2026.
Cooperation with Regulators
On July 24, Tether helped U.S. authorities freeze $1.6 million in USDT. The funds were linked to the Gaza-based financial network Buy Cash Money and Money Transfer Company (BuyCash), which the U.S. Department of Justice suspects of financing terrorism. After being notified by law enforcement, the issuer identified the wallets on the secondary market, froze the funds, and then reissued the coins as refunds.
Over the past year, Tether has frozen a total of $2.9 billion in USDT related to illicit activity, according to a press release. The company has supported 275 agencies in 59 countries.
In March, the issuer froze $23 million in the wallets belonging to the sanctioned exchange Garantex and $9 million stolen in the Bybit hack. In June, Tether helped Brazilian authorities intercept $6.2 million in a money laundering scheme executed through the Klever Wallet platform.
Also in June, the U.S. Department of Justice acknowledged Tether’s involvement in the seizure of $225 million in USDT. In total, the company has blocked more than 5,000 wallets, 2,800 of which were in cooperation with U.S. agencies.
"The transparency of the blockchain and our ability to quickly respond to abuse are our strengths. Unlike traditional financial systems, where illicit flows often go undetected, USDT is transparent and accountable," Ardoino said.
