Tether CEO Paolo Ardoino confirmed that the company will continue expanding outside the U.S., despite new crypto legislation. According to Bloomberg, Ardoino explained Tether’s strategy and emphasized its commitment to foreign markets.
He said the firm is watching U.S. developments but still prioritizes unbanked global users. Headquartered in El Salvador, Tether runs USDT, the largest stablecoin in the world, controlling over 60% market share.
It currently boasts over 420 million users from emerging markets. Ardoino said 3 billion unbanked individuals remain Tether’s main customer base, not U.S. consumers. Lawmakers in Congress are advancing stablecoin legislation, including the Senate’s Genius Act and a bill in the House.
These would require stablecoins to be backed by secure assets and fall under U.S. anti-money-laundering rules. However, Tether’s CEO said these developments won’t shift their attention from global markets.
Ardoino mentioned Tether may release a stablecoin that fully aligns with U.S. rules to attract larger financial players. He also revealed that Tether is speaking with a Big Four accounting firm for a full audit of its reserves.
This could boost transparency and meet expectations from institutions showing rising interest in stablecoins.
Tether focuses on global crypto expansion
Tether settled in 2021 with U.S. regulators over misrepresenting reserves. Its reserve assets are currently managed by Cantor Fitzgerald, once headed by Trump Commerce Secretary Howard Lutnick.
Although the firm doesn’t serve U.S. customers directly, most of its reserves already match U.S. rules. Major banks like JPMorgan and Citigroup are considering launching their own stablecoin, according to recent reports.
Arduino stated that Tether remains unbothered by this, as banks serve developed regions while firms serve those excluded from traditional banking systems.
As stablecoins become integral to global crypto markets, the firm aims to solidify its leadership by enhancing regulatory compliance, expanding partnerships, and increasing international presence and transparency.
