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Tether plans to keep its attention on overseas markets while watching how the United States handles stablecoin regulation. Chief executive Paolo Ardoino made the statement as lawmakers move forward with the Genius Act, a bill aimed at creating a framework for stablecoins pegged to the dollar.
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In a recent interview with Bloomberg, Ardoino explained that the company will continue focusing outside the US, regardless of how the legislation turns out. While the Genius Act is being followed closely by Tether, its plans do not include returning to the US market.
“It is important for us to see how the Genius Act is distinguishing between foreign issuers and domestic issuers. For us, the main interest will remain outside of the US. We are looking at the Genius Act in a way that will allow us to be compliant. We can be compliant while still having a strong focus on foreign markets,” Ardoino said.
The proposed legislation, which has support from several crypto industry players, sets guidelines for how dollar-pegged stablecoins should be issued and backed. One key issue is that backing USDT with Bitcoin is currently not permitted under US regulations — a factor that could complicate any return to the American market for Tether.
Even as large financial institutions like JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup begin exploring their own stablecoin offerings, Ardoino remains confident in Tether’s direction.
“We are not worried about the competitors coming from big banks, because they will look at the Western world. Our customer base are the 3 billion people unbanked that are not touching the banking system,” he said.