Tether Holdings Limited, the company behind the world’s largest stablecoin, USDT, is considering expanding its influence within the U.S. market.
The head of the company mentioned advantageous market trends and a hopeful regulatory climate under President-elect Donald Trump as significant reasons for this deliberation.
Tether Eyes the US
During an interview on Bloomberg Television, Tether’s CEO, Paolo Ardoino, made it clear that they are adopting a careful strategy and stressed the importance of gaining clarity from regulators before making any further decisions.
Ardoino viewed the developing U.S. regulatory landscape as an “excellent chance,” yet emphasized the need for caution and patience, suggesting that it’s better to monitor the progression of laws before making substantial growth decisions.
This announcement arises during increasing enthusiasm about Donald Trump’s forthcoming presidency, as the President-elect has pledged significant actions to boost the cryptocurrency field. One of his expected initial steps is to issue an executive order on his first day in office, classifying cryptocurrency as a national priority. This would prompt regulatory bodies to take a more favorable approach towards the sector.
Under Biden’s leadership, U.S. regulatory bodies have instead advocated for rigorous adherence and openness, which has posed difficulties for companies like Tether that deal with stablecoins, due to their stringent demands.
Simultaneously, Ardoino also emphasized Tether’s recent financial prosperity, including a robust 2024 performance that he thinks makes the company well-positioned to explore new possibilities. One such opportunity is its recent $775 million investment in the US-listed video-sharing platform, Rumble Inc.
Tether Expansion
After Tether announced its intention to move its operations to Bitcoin-embracing El Salvador and receive a Digital Asset Service Provider license (DASP) on January 13th, Ardoino made his statement shortly thereafter. In essence, he had expressed that the company was pleased with El Salvador’s welcoming approach towards digital assets.
Making this choice is a logical step forward for Tether since it provides an opportunity to construct a fresh base, encourage cooperation, and reinforce our commitment to developing markets.
In a recent development, Tether has augmented its Bitcoin reserves by an amount equivalent to $700 million, which translates to approximately 7,629 Bitcoins sourced from Bitfinex. This action seems to be part of their strategic plan to diversify holdings, given the ongoing discussions about USDT’s standing in Europe due to MiCA regulations.
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2025-01-17 20:50