As U.S. lawmakers debate new rules for regulating stablecoins, Tether CEO Paolo Ardoino says the company will continue prioritizing international markets over re-entering the American financial system.
Speaking to Bloomberg, Ardoino commented on the proposed Genius Act, a legislative effort designed to bring regulatory clarity to dollar-backed digital assets. While the bill is gaining traction in Congress, Tether remains cautious.
“Our primary focus will remain abroad,” Ardoino said, emphasizing that the company is monitoring how the legislation differentiates between foreign and U.S.-based issuers. “We can ensure compliance without shifting away from international markets.”
Tether, which relocated to El Salvador and halted U.S. operations in 2018, currently dominates the stablecoin sector globally. However, strict U.S. regulations—such as prohibiting stablecoins backed by Bitcoin—pose limitations that conflict with Tether’s reserve strategy.
Despite growing interest from major banks like JPMorgan, Citi, and Wells Fargo in launching their own stablecoin offerings, Ardoino dismissed concerns about competition. “Their focus will be the Western financial system,” he said. “We’re building for the billions who remain excluded from it.”
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