Tether's Big Bet: U.S. Dollar Stablecoin Launch Imminent

Hang onto your hats, crypto fans! Tether, the heavyweight champ of stablecoins, is gearing up to drop a U.S.-based dollar-pegged stablecoin bombshell by the end of this year. CEO Paolo Ardoino spilled the beans to CNBC, and we're all ears!

This isn't just a random move; it's part of Ardoino's power play in Washington, D.C. He's been schmoozing with lawmakers, trying to shape crypto rules as pro-crypto vibes surge thanks to former President Donald Trump's crew.

At the Token2049 bash in Dubai, Ardoino dropped a truth bomb: this new U.S. stablecoin? It's gonna be its own beast, totally separate from Tether's (USDT) international lineup.

He's gunning for a launch by the end of this year or early 2025, but it all hinges on what happens with the pending laws.

Tether's dance in Washington

Ardoino's been strutting his stuff in D.C., from a Capitol Hill lunch with Senator Bill Hagerty to hush-hush meetups with lawmakers. He's playing the game, and he's playing to win.

His moves seem to sync up with the GOP's GENIUS Act, which could make life easier for foreign stablecoin issuers who play nice with the cops.

Now, Tether's no stranger to regulatory drama. Headquartered in El Salvador, they coughed up $18.5 million in 2021 to settle beef with the New York attorney general over shady reserve claims.

But they're not backing down. Tether's now boasting nearly $120 billion in U.S. Treasuries, with Cantor Fitzgerald keeping watch. Their Q1 audit? It showed $5.6 billion in extra reserves, down from $7 billion at year-end, but still flexing some serious muscle.

And here's the kicker: Tether's U.S. expansion is happening just as Eric and Donald Trump Jr. are cooking up their own dollar-backed stablecoin through a venture tied to their dad's political brand. Brace yourselves, folks—we might be in for a wild domestic stablecoin showdown!