Odaily News Although the U.S. Congress is promoting stablecoin regulatory bills such as the Genius Act, Tether, the world's largest stablecoin issuer, said its main business focus will still be on markets outside the U.S. Tether CEO Paolo Ardoino said the company is concerned about how the bill distinguishes between domestic and foreign issuers, and hopes to maintain global business expansion under the premise of compliance.
Currently, Tether's USDT accounts for more than 60% of the global stablecoin market, and its users are mainly distributed in emerging markets. Ardoino pointed out that compared with the diverse payment systems in the United States (such as Zelle, PayPal, etc.), Tether's service focuses on the 3 billion unaccounted users in the world who have not yet fully accessed the traditional financial system.
Although it does not currently directly serve U.S. customers, most of Tether's reserve assets have met the requirements of the proposed regulations, and some assets such as Bitcoin and mortgages are still beyond the scope of compliance. Ardoino said that the company is considering issuing a new stablecoin that fully complies with regulatory standards to attract institutional investors, and is promoting the audit of reserve assets by the Big Four accounting firms.
He added: "A full audit is our top priority." (Bloomberg)