Paolo Ardoino, the CEO of Tether, has announced that the stablecoin issuer is engaging in discussions with U.S. authorities and may potentially introduce a dollar-pegged token designed exclusively for the local market.
Ardoino mentioned that Tether (USDT) is contemplating the launch of a stablecoin specifically for the United States if upcoming regulations create a more competitive environment.
In a conversation with a prominent financial publication, Ardoino noted that the company is participating in talks regarding U.S. stablecoin regulations. He pointed out that the administration perceives these regulations as “a significant tool for the United States,” although he did not share further specifics about the conversations.
He mentioned that if the forthcoming regulations enhance the competitiveness of domestic stablecoins, there could be a “desire from Tether to develop a domestic stablecoin in the U.S.,” describing it as “essentially a settlement currency.”
At this time, Tether does not cater to U.S. customers, despite being one of the most traded cryptocurrencies globally, with approximately $144 billion worth of tokens currently in circulation. According to Ardoino, the user base has surpassed 400 million, and he recently stated that stablecoins are evolving into a larger “stablecoin multiverse.”
The U.S. is poised to introduce new regulations that may mandate overseas stablecoin issuers to adhere to local legal requirements. Ardoino suggested that “we already do that… voluntarily,” adding, “we are the only ones who collaborate with the FBI and the U.S. Secret Services.”