Tether eyes U.S. expansion with new stablecoin as CEO courts Washington

By: bitcoin ethereum news|2025/05/02 19:30:02
0
Share
copy
DUBAI, United Arab Emirates — Tether, the world’s largest stablecoin issuer, is preparing to launch a U.S.-based stablecoin as soon as this year, as its CEO ramps up his presence in Washington to shape crypto regulation. In an interview with CNBC this week, Tether CEO Paolo Ardoino revealed that the company is working on plans to issue a new dollar-pegged stablecoin in the U.S. as soon as this year. The move comes as Tether, once accused of being a criminal’s ‘go-to cryptocurrency’ – rebrands itself as a partner to American lawmakers and law enforcement. “A domestic stablecoin would be different from the international stable coin,” Ardoino told CNBC’s Dan Murphy at the Token2049 conference in Dubai on Wednesday. “It depends on the timeline of the final legislation... but we are looking at that by the end of the year, or early next year at the fastest,” he said. But the timing and tactics of that next step are raising eyebrows on Capitol Hill. Ardoino’s recent charm offensive in Washington, which included private meetings with lawmakers, a Capitol Hill lunch with Senator Bill Hagerty and parties with crypto insiders, according to a New York Times report, has put a spotlight on Tether amid the pro-crypto shift under President Trump. That influence may now be helping shape key legislation, including the GOP-backed GENIUS Act, which critics say includes loopholes that benefit Tether and other foreign issuers – such as provisions allowing operations in the U.S. if they agree to work with law enforcement. The logos of the cryptocurrencies Bitcoin (BTC), Ethereum (ETH), the stablecoin Tether (USDT) and Binance Coin (BNB) can be seen on the trading platform CoinMarketCap. Picture Alliance | Picture Alliance | Getty Images Tether, headquartered in El Salvador, has made legal cooperation key to its lobbying narrative despite a history of regulatory penalties. “There is no company... even in the traditional financial system, that has such a breadth of collaboration with law enforcement,” Ardoino said. “We are always trying to do better and more to block criminal activity.... we have much better tools than the traditional financial system and we’re proving that everyday.” Ardoino also addressed concerns about the firm’s ability to back its digital assets. In 2021, Tether settled with the New York attorney general for $18.5 million over allegations it lied about its reserves. It now publishes attestation reports and holds billions in U.S. Treasuries – managed by Wall Street heavyweight Cantor Fitzgerald – and Ardoino insists the business is well capitalised in the event of a market shock. “We are very close to having $120 billion in U.S. Treasuries in our reserves,” he said. “We have $7 billion in excess equity within the company capital. That is really unprecedented and I wish financial institutions in the traditional financial system would at least try to copy us to provide better products for their consumers.” Tether’s latest attestation report confirmed the firm holds about $120 billion in U.S. Treasuries. Its first quarter independent auditors’ report confirmed assets and reserves exceed liabilities by almost $5.6 billion, a decrease from more than $7 billion in its December audit. Tether’s partnership with Cantor, now run by the sons of U.S. Commerce Secretary Howard Lutnick, has also raised questions. Ardoino told CNBC he doesn’t speak with Secretary Lutnick “because there are proper walls given the potential conflict of interest,” but added “we have great relationships with many people in the U.S. and also now in Washington.” Eric Trump and his older brother Donald Trump Jr. recently announced plans to launch a U.S. dollar-backed stablecoin through World Liberty Financial, the finance venture backed by President Donald Trump. Source: https://www.cnbc.com/2025/05/02/crypto-tether-eyes-us-expansion-with-new-stablecoin-as-ceo-courts-washington.html

You may also like

The billion-dollar lesson: The focus of DeFi security is shifting from code to operational governance

Warning of nearly $1 billion loss in DeFi: Security pain points have shifted from code vulnerabilities to permissions and operations. Introducing TradFi bank-level risk control and AI defenses is the way to balance openness and security.

A Brief Analysis of Stablecoin Licenses and On-Chain Funding

Hong Kong accelerates the layout of digital finance, providing a panoramic analysis of the evolution of three major on-chain financial forms: central bank digital currency, deposit tokens, and stablecoins, along with future opportunities.

BVNK Founder: Three Stages of Stablecoin Development

Once payments become faster, cheaper, and globally interconnected, stablecoins will not just open up a new market, but a new realm with boundaries that are not yet visible today.

The truth about Trump's son's Bitcoin game: he made a staggering $100 million while retail investors lost $500 million

The Trump family has a family skill: to exaggerate and make something sound bigger than it actually is.

What Is Futures Trading? Hours, Platforms, and How to Start Trade Futures(2026 Guide)

Learn how to start futures trading, understand trading hours, and choose the best futures trading platform. Includes real data, strategies, and ways to maximize returns with rebates.

The Rise of Composable RWA

27 billion RWA funds are undergoing a major reshuffle: U.S. Treasury bonds are "cooling off," while high-yield credit assets are quietly dominating the DeFi lending market with permissionless designs. This article reveals the explosive logic behind composable RWA.

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com