New York AG warns Congress of non-US stablecoin issuers like Tether amid legislation talks

In a letter to congressional leaders, New York State Attorney General Letitia James recommended stablecoins should be both backed 1:1 by USD or treasuries and issued by American companies subject to federal and state laws and oversight.James singled out Tether in the letter, suggesting that the world’s largest stablecoin issuer’s foreign status and the fact that it holds over $90 billion worth of U.S. Treasuries both pose risks to national interests.