Tether Shifts Focus to International Markets, Moves Away from U.S.

# Tether's CEO Reaffirms Focus on International Markets Amid U.S. Stablecoin Regulation Efforts Tether CEO Paolo Ardoino has confirmed that the company will maintain its focus on international markets, even as the U.S. Congress advances legislation to regulate stablecoins. These comments were made on October 26 and reported by the crypto media outlet Daily Hodl. According to Bloomberg, Ardoino referenced the Genius Act, an industry-backed bill aimed at providing regulatory clarity for dollar-backed cryptocurrencies in the United States. Despite the legislative developments, he reiterated Tether’s intention to prioritize its operations outside the U.S. "It’s crucial to observe how the Genius Act differentiates between foreign and domestic issuers. Tether’s primary focus remains outside the United States," Ardoino stated. "We will seek ways to comply with the Genius Act while maintaining a strong emphasis on overseas markets and adhering to applicable regulations." Headquartered in El Salvador, Tether is the world’s largest stablecoin issuer. The firm stopped offering services to U.S. customers in 2018, highlighting its longstanding commitment to markets beyond American borders. # Regulatory Constraints and U.S. Market Limitations Reports suggest that Tether could confront regulatory challenges if it shifts its focus toward the U.S. market, especially due to its practice of backing USDT stablecoins with Bitcoin (BTC). Such practices reportedly do not align with current American regulatory frameworks. # No Concerns About Competition from Major U.S. Banks Ardoino also dismissed concerns about competition from large U.S. financial institutions, like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, should they enter the stablecoin issuance market. He emphasized that Tether’s market strategy fundamentally differs from traditional Western banking models. "We are not worried about competition from major banks. Their activities are concentrated in the developed Western world," he said. "Our customer base consists of three billion unbanked individuals, most of whom do not engage with traditional banking systems." Ardoino’s remarks underscore Tether’s commitment to addressing the financial needs of underserved markets globally while navigating the evolving regulatory landscape.