Tether's Big Reveal: U.S. Takes Backseat as Stablecoin Rules Remain Murky

Tether's CEO Speaks Out: "We're Looking Beyond the U.S."

Hold onto your hats, crypto fans! Tether, the powerhouse behind USDT, just dropped a bombshell: the U.S. ain't their top priority, even with lawmakers scrambling to nail down new stablecoin rules. Talk about a plot twist!

Yeah, you heard it right. Tether's CEO, Paolo Ardoino, spilled the beans in a fiery interview with Bloomberg. He's keeping a close eye on the Genius Act, trying to figure out how it'll shake things up for foreign issuers like Tether. But don't get it twisted - their main gig? It's still outside the good ol' U.S. of A.

"We are looking at the Genius Act in a way that will allow us to be compliant. We can be compliant while still having a strong focus on foreign markets," Ardoino declared, dropping truth bombs left and right.

Paolo Ardoino

Now, let's rewind to Monday, May 19. The Genius Act, a Senate bill with the crypto industry's stamp of approval, made some serious moves in Congress. And don't sleep on the House Financial Services Committee - they've got their own stablecoin bill cooking, though it's still waiting for the green light from the full House.

These stablecoin bills? They're no joke. They're demanding that issuers back their tokens with cold, hard cash or rock-solid assets like short-term U.S. Treasuries. Plus, they're throwing stablecoin firms under the bus with anti-money-laundering rules and the Bank Secrecy Act. Buckle up, folks!

But Ardoino's not buying it. He's saying the U.S. already has more payment options than you can shake a stick at - Zelle, PayPal, debit cards, credit cards, and good ol' cash. So why rock the boat with stablecoins?

Now, let's not forget Tether's wild ride in the U.S. They've faced the heat before and settled with regulators back in 2021. But guess what? They've got a new sheriff in town managing their reserves: Cantor Fitzgerald, the financial services firm that used to be run by Howard Lutnick. And get this - Lutnick just handed the reins to his kids and some outside investors as he waltzed into the White House. Talk about a power move!