Nikolas Sargeant
Tether is preparing a strategic return to the US market, capitalizing on dramatically improved regulatory conditions following President Trump's signing of comprehensive stablecoin legislation. CEO Paolo Ardoino confirmed Wednesday that the company is actively developing its domestic strategy after years of offshore operations.
The initiative follows last week's enactment of the GENIUS Act, landmark legislation expected to expand stablecoin integration throughout global finance. The new framework potentially enables banks, card networks, and technology firms to issue their own digital tokens, creating unprecedented opportunities for established players like Tether.
"We are well in progress of establishing our US domestic strategy," Ardoino told Bloomberg. "It's going to be focused on the US institutional markets, providing an efficient stablecoin for payments but also for interbank settlements and trading."
The announcement represents a significant strategic pivot for the world's largest stablecoin issuer, which has maintained primarily offshore operations since facing substantial US regulatory challenges in 2021.
Regulatory Transformation Enables Strategic Reversal
Tether's renewed US ambitions mark a dramatic turnaround from its 2021 retreat, when the company paid nearly $60 million to settle allegations with US regulators. The New York Attorney General's office barred Tether from operating in the state after accusing the company of making false claims about its reserves, while the Commodity Futures Trading Commission imposed additional fines for misleading public statements about USDT backing.
Despite these regulatory setbacks, Tether's USDT has maintained global dominance with over $162 billion in circulation, representing an 18% increase since the beginning of the year. This market position significantly exceeds Circle Internet Group's USDC, which maintains approximately $64.7 billion in circulating supply.
The regulatory transformation under the Trump administration has fundamentally altered the stablecoin landscape. Ardoino attended the White House bill signing alongside other crypto executives, signaling the industry's collaborative approach with the new regulatory framework.
The GENIUS Act's passage represents the first comprehensive attempt to normalize stablecoin usage across both cryptocurrency trading and mainstream financial infrastructure, creating pathways that were previously unavailable to companies like Tether.
Competitive Landscape Intensifies as Circle Goes Public
Tether's US reentry strategy emerges amid intensifying competition, particularly from Circle, which completed its public listing in June. Circle's stock has surged over 500% since its debut, demonstrating significant investor appetite for regulated stablecoin issuers with transparent operational structures.
However, Tether remains committed to private ownership despite competitive pressures. "In general we are not interested in becoming a public company," Ardoino stated, maintaining the company's preference for private operations while pursuing US market opportunities.
The company continues addressing longstanding transparency concerns, particularly regarding reserve audits that have been promised for years but never completed. Ardoino confirmed recent contact with auditing firms, suggesting potential progress on this persistent issue as the company prepares for enhanced US regulatory scrutiny.
Emerging Markets Remain Strategic Priority
While pursuing US opportunities, Tether maintains its focus on emerging markets, where Ardoino believes the company holds decisive competitive advantages. This dual strategy allows Tether to capitalize on new US regulatory opportunities while preserving its established global market leadership.
"This is something that Tether has done incredibly well for the past 10 years," Ardoino explained. "We have a better technology, we have a much better understanding of this market than anyone else."
The emerging markets emphasis reflects Tether's historical strength in regions where traditional banking infrastructure remains limited and stablecoins provide essential financial services. This geographic diversification strategy positions Tether to benefit from both US regulatory improvements and continued global expansion opportunities.
As regulatory clarity improves and institutional demand grows, Tether's return to the US market could significantly reshape the domestic stablecoin landscape while reinforcing its global market dominance.
