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Trump Enacts GENIUS Act: Tether and Circle Reveal U.S. Market Game Plans
In a significant move for the digital currency sector, U.S. President Donald Trump has officially signed the GENIUS Act, a pivotal legislative framework designed to regulate stablecoins. With the new law in place, industry leaders Tether and Circle have unveiled their respective strategies for compliance and growth in the U.S. market.
On October 18, Paolo Ardoino, CEO of Tether, shared insights into the company’s plans during an interview with Decrypt. Tether intends to register USDT in the U.S. through the "foreign issuer pathway" specified under the GENIUS Act. Currently headquartered in El Salvador, Tether is the world’s largest stablecoin issuer, commanding an impressive market capitalization of $161 billion.
Despite its industry dominance, Tether has long faced criticism over its lack of comprehensive reserve audits, igniting concerns about its ability to meet stringent U.S. regulatory standards. These uncertainties have led to speculation about the possibility of Tether’s exclusion from the U.S. market. Addressing these issues head-on, Ardoino reaffirmed Tether’s commitment: “We are fully prepared to comply with every aspect of the GENIUS Act, including anti-money laundering (AML) protocols and mandatory audits. Any claims suggesting that we intend to bypass the regulations are completely unfounded,” he asserted.
Meanwhile, Circle, the issuer of the widely adopted USDC stablecoin, has applauded the GENIUS Act. Circle CEO Jeremy Allaire described the legislation as a formal validation of the company’s longstanding regulatory practices. Over the years, Circle has distinguished itself by prioritizing independent audits and adhering to stringent global compliance standards. “This landmark law will further integrate digital dollars into the traditional financial ecosystem in a structured and legitimate way,” Allaire stated, highlighting Circle’s alignment with the GENIUS Act.
Market experts speculate that if Tether successfully meets the GENIUS Act’s compliance requirements, it could potentially pose a significant challenge to Circle’s current U.S. market dominance. Circle has historically marketed itself as a regulation-friendly stablecoin issuer, but its response to this potential competitive shake-up remains undisclosed.
Ultimately, the GENIUS Act sets the stage for a transformative era in the stablecoin landscape, with regulatory clarity set to benefit both the industry and consumers. As Tether and Circle navigate this new territory, the battle for U.S. market supremacy is likely to intensify.
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