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Tether Eyes U.S. Institutional Market with New Stablecoin Initiative
Tether, the blockchain powerhouse behind the leading stablecoin Tether (USDT), is setting its sights on a fresh venture: a stablecoin tailored exclusively for U.S. institutional investors. Paolo Ardoino, Tether’s CEO, shared these plans in an interview with Bloomberg on October 23 (local time).
“We are crafting a robust strategy that specifically targets institutional stakeholders in the U.S.,” Ardoino said, indicating that Tether plans to unveil its institutional-focused stablecoin in the coming months.
Prioritizing Transparency through Enhanced Audit Practices
In light of persistent scrutiny over the transparency of its reserves, Tether is doubling down on its commitment to meet stricter auditing requirements. Ardoino underlined the importance of securing reviews by top-tier accounting firms, stating, “Engaging auditing giants such as Deloitte, EY, PwC, and KPMG remains our ultimate objective.”
Historically, Tether has relied on quarterly attestations signed by Italy-based auditing firm BDO. However, in response to criticisms regarding a lack of comprehensive independent audits, Tether appointed Simon McWilliams as Chief Financial Officer (CFO) in March. McWilliams, armed with over two decades of auditing experience at a leading investment management firm, is tasked with steering Tether’s auditing practices toward industry gold standards.
Rising Above Rivals in the Competitive U.S. Stablecoin Market
Tether’s bold move comes amid intensifying competition in the U.S. stablecoin sphere. Heavyweights like JPMorgan, Bank of America, Citigroup, and Wells Fargo have united to back ventures aiming to introduce stablecoins tailored to institutional investors. Despite this formidable competition from traditional financial titans, Ardoino expressed unwavering confidence in Tether's market position.
“While these financial institutions could gain traction in the short term, Tether’s advantage lies in its cutting-edge technology and unparalleled understanding of the market,” Ardoino explained.
Tether Rejects IPO Path, Differentiates Strategy from Circle
Notably, Tether is charting a unique course by forgoing public listing plans, a strategy embraced by its competitor Circle, the issuer of USD Coin (USDC). According to Ardoino, an IPO is not on Tether’s horizon at this time.
Further illustrating the company’s strategic moves, Ardoino recently reaffirmed Tether’s readiness to align with U.S. regulations. This statement followed the signing of the GENIUS Act, a landmark stablecoin regulation bill, by former President Donald Trump earlier this month.
“We are actively preparing to register Tether under the GENIUS Act’s provisions for foreign issuers,” Ardoino disclosed. While U.S.-issued stablecoins remain a future aspiration, Tether currently mints USDT in El Salvador. The company has signaled its intent to integrate into the U.S. financial ecosystem, committing to compliance with the newly instituted regulatory framework. Notably, Ardoino was among the prominent attendees at the GENIUS Act signing ceremony.
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