Tether Still Focuses on Overseas Markets... Hints at US Expansion

The CEO of Tether (USDT), the world's largest dollar-based stablecoin issuer, has stated that the company is still focused on overseas markets.

According to Bloomberg on the 25th (local time), Paolo Ardoino, CEO of Tether, said, "Despite the Genius Act in the US, our main focus remains on global markets outside the US," adding that "about 3 billion unbanked users are Tether's main target audience." Tether, headquartered in El Salvador, has had several regulatory conflicts with US state and federal authorities.

Nevertheless, the intention to enter the US market remains. Ardoino stated, "How the Genius Act distinguishes between foreign issuers and domestic issuers in the US will be important," and "we will move towards complying with the Genius Act." He also added, "We plan to launch a compliant stablecoin to attract institutional investors," and "we are continuing discussions with the Big Four (accounting firms) for perfect audits."

Meanwhile, according to the US stablecoin bill known as the 'Genius Act,' stablecoin issuers are limited to non-bank institutions, uninsured national banks, and federal agencies approved by the Office of the Comptroller of the Currency (OCC). Non-bank institutions under state supervision or foreign issuers may be granted exceptional permission only if they comply with regulations such as ▲holding reserve deposits in US depository institutions ▲registration with federal regulators.