Article Author: Yueqi Yang

Article Compiler: Block unicorn

Tether, the world's largest stablecoin issuer to date, has stated that it plans to create a new stablecoin for the U.S. market if cryptocurrency legislation is passed by Congress this year.

In an interview with The Information, Tether's CEO Paolo Ardoino mentioned that the company would "act swiftly" to create a new token once the anticipated stablecoin legislation is enacted.

Last Friday, Ardoino spoke from Cantor Fitzgerald's Midtown Manhattan office, which manages Tether's reserve assets (such as U.S. Treasury bonds), stating that the new stablecoin "is something that can meet the needs of banks, institutions, and payment processors."

He said that Tether plans to establish a domestic entity in the U.S. after legislation is passed, potentially named Tether USA. Tether recently relocated its headquarters to El Salvador. He expects the new entity to be regulated at the federal level according to the legislation. "Given that the legislation is expected to pass around August, or as we anticipate, before August, if this timeline holds, we will act swiftly," he said.

"We are actively discussing with regulators, explaining the importance of the work we do outside the U.S. and what we can build within the U.S.," he added.

The stablecoin legislation rapidly advancing in Congress could potentially bar Tether from entering the U.S. market due to its lack of registration in the country. Tether's market circulation is $144 billion, over $80 billion higher than the second-largest stablecoin operated by Circle.

Unlike other volatile cryptocurrencies, stablecoins are pegged to the U.S. dollar and backed by Treasury bonds and other secure assets to protect their value. Stablecoins provide a convenient way to transfer funds across borders and trade cryptocurrencies. Tether has faced criticism for its stablecoin (known as tether or USDT) being used by drug traffickers and terrorist organizations. Tether claims it works with law enforcement to freeze assets used by criminals.

Tether has hired Cantor Fitzgerald to manage the assets backing its stablecoin. The company is managed by Howard Lutnick, who continues to oversee these assets until he takes on the role of U.S. Secretary of Commerce.

Ardoino stated that the new stablecoin could be used for payments, the digital economy, and interbank settlements. Tether has been investing in its distribution network—a portfolio of companies that could drive the adoption of its stablecoin, such as Tether's investment of $775 million in the public video platform Rumble.

As Congress rapidly passes legislation, competition affecting stablecoin legislation is heating up. On Wednesday, the House Financial Services Committee approved a stablecoin bill, sending it to the full House. Last month, the Senate Banking Committee passed a similar bill, and President Donald Trump has indicated his goal to sign stablecoin legislation before August.

Tether is also exploring ways for USDT to continue being listed on U.S. platforms after the legislation is passed. Ardoino mentioned that he is negotiating with lawmakers to explain how Tether operates and hopes that USDT can remain listed on U.S. secondary markets, meaning it will continue to be listed on U.S. cryptocurrency exchanges while focusing on international markets.

To enhance the liquidity of its new stablecoin, he anticipates that market makers holding both stablecoins will be able to facilitate one-to-one conversions between the U.S. stablecoin and USDT.

Ardoino stated that Tether has no plans for an IPO and does not need to raise funds for the new entity planned in the U.S., while Circle has applied for an IPO.

Ardoino mentioned that due to potential conflicts of interest, he could not meet with Lutnick but described him as a "private friend" and "a great person."

His main contact at Cantor is Howard Lutnick's son, Brandon Lutnick. "A great person, very smart. I am very grateful for his leadership at Cantor," he said.

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