Tether’s boss reiterated the stablecoin issuer’s interest in providing U.S. dollars to the unbanked billions worldwide and expressed expectations for favorable regulations.
Tether (USDT) CEO Paolo Ardoino told DC Fintech Week attendees that the company sees U.S. crypto regulation improving while continuing its in-house efforts to advance transparency practices.
Policymakers in the U.S. House of Representatives have floated proposals formally recognizing and supporting stablecoin issuance in America. Although bills have yet to transition into law, new players like Ripple have already announced offerings in anticipation.
Rules discussed by politicians like Patrick McHenry and Maxine Waters could also authorize banks to issue stablecoins, potentially challenging Tether’s market dominance.
Tether’s global cooperation and expansion
The payment provider is connected to over 180 law enforcement agencies across 45 jurisdictions, Ardoino told the event’s founder, Christopher Brummer. Brummer’s name has been mentioned alongside Robinhood Markets CLO Dan Gallagher as a possible replacement for current Securities and Exchange Commission chair, Gary Gensler.
Combating illicit cryptocurrency use and safeguarding blockchain payment facilities remain among Tether’s top priorities, according to Ardoino’s remarks.
In other news, USDT’s issuer could deepen its involvement in traditional finance beyond U.S. Treasuries and short-term debt. The firm has mulled lending its billions in profits from Treasury interests and its Bitcoin (BTC) mining to TradFi institutions.
Its decision may be based on record profits in the year’s first half and a flock of new users onboarded in Q3 2024. Over 36.25 million new USDT addresses were logged last quarter. Elsewhere, Tether explored a pivot from its crypto mining division to more artificial intelligence developments. Northern Data, backed by USDT’s issuer, might sell its crypto mining business to fuel AI-centric bets.
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