On a fateful Friday, the illustrious Donald Trump, in a moment of legislative brilliance, inked the GENIUS Act into the annals of American law, thereby propelling three crypto-related bills, including the CLARITY Act and an anti-CBDC decree. Tether, the enigmatic stablecoin issuer, has set its sights on the American market, navigating through the labyrinth of foreign issuer pathways with the grace of a seasoned diplomat. 🤖✨
Tether Shares Plans Regarding GENIUS Act
Soon after the presidential pen danced across the page, Tether CEO Paolo Ardoino, with the zeal of a poet penning a sonnet, unveiled his company’s strategy to align with the new crypto regulatory landscape. 📜⚡
Currently, Tether has made El Salvador its base, issuing USDT from there like a magician pulling rabbits from a hat. Ardoino noted that his company intends to ensure its dollar-pegged USDT complies with the GENIUS Act’s foreign issuer regime, a task as daunting as deciphering a sonnet in a foreign tongue. 🇸🇻🎩
The newly enacted GENIUS Act mandates that foreign stablecoin issuers adhere to strict anti-money laundering (AML) regulations and undergo comprehensive reserve audits—a process as thrilling as watching paint dry. 🧼💸
So far, Tether, the titan of stablecoins, has yet to complete a full audit of its reserves—a task as daunting as deciphering a sonnet in a foreign tongue. Yet, CEO Paolo Ardoino, with the fervor of a Renaissance scholar, vows to embark on this journey, promising precision and dedication. 🧐💸
“We’ll be working very, very hard to make sure we comply with the foreign issuer pathway within the GENIUS Act. It’s crazy that sometimes people think Tether will not comply. “We have three years to make sure this process can go through properly. We are going to be very precise and very dedicated to that.”
A US Specific Stablecoin?
Earlier this year, Ardoino, ever the visionary, mused about a U.S.-specific stablecoin, a dual offering that would cater to distinct client bases, each with their own peculiarities. One might say it’s a masterclass in regulatory alchemy. 🧙♂️💰
According to Ardoino, the two offerings will serve distinct use cases and client bases within the U.S. He noted that USDT could be used “mostly” for sending remittances abroad, highlighting its potential role in cross-border payments—a digital dance as elegant as a waltz. 💃🕺
As Tether prepares plans to bring USDT to America, its rival Circle, the second-largest stablecoin issuer for USDC, remains steadfast. Circle CEO Jeremy Allaire welcomed the GENIUS Act bill with the enthusiasm of a child in a candy store, envisioning a future where digital currency is seamlessly integrated into the mainstream financial system. 🍬🏦
“We think that this law obviously continues to accelerate that opportunity for us, as we move from […] offshore crypto trading […] into the world of legal, dollar digital currency integrated into the mainstream financial system.”
Tether ♥️ 🤖
— Paolo Ardoino 🤖 (@paoloardoino) July 18, 2025
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2025-07-19 18:50