Tether Considers Launching US Domestic Stablecoin Amid Regulatory Scrutiny and Enhanced Transparency Efforts

Tether, the dominant stablecoin issuer with over 60% market share and $144 billion in USDT tokens, is considering launching a domestic stablecoin in the U.S., according to CEO Paolo Ardoino on Wednesday. This move comes as stablecoin adoption rises and U.S. regulation looms. Ardoino mentioned the company is closely monitoring U.S. stablecoin bill requirements and would conduct thorough research before entering the U.S. market. Tether is also ramping up efforts to improve its image, engaging with U.S. authorities like the DOJ and Treasury, and recently helped freeze $9 million linked to a Bybit hack. Over the weekend, Ardoino announced Tether is engaging with a "Big Four" firm for a full audit of its finances, a top priority aimed at resolving doubts about its reserves. Earlier this month, Tether appointed Simon McWilliams as its new CFO to facilitate this audit.