"Tether Shifts Focus to International Markets, Avoids U.S."

# Tether's CEO Emphasizes Global Focus Amid U.S. Stablecoin Regulation Push Tether CEO Paolo Ardoino has reaffirmed the company's commitment to international markets as the U.S. Congress moves forward with stablecoin regulation legislation. These statements were made on October 26 and first reported by Daily Hodl. Bloomberg highlighted Ardoino's reference to the Genius Act, a bill supported by the industry that aims to establish regulatory clarity for dollar-backed cryptocurrencies in the U.S. Despite these legislative efforts, Ardoino reiterated Tether’s focus on its operations outside the U.S. "It's crucial to see how the Genius Act differentiates between foreign and domestic issuers. Tether's primary emphasis remains beyond the United States," Ardoino stated. "We will explore compliance routes with the Genius Act, while strongly focusing on overseas markets and adhering to relevant regulations." Based in El Salvador, Tether is the largest stablecoin issuer globally. The company stopped offering services to U.S. customers in 2018, highlighting its long-standing focus on international markets. # Regulatory Challenges and U.S. Market Constraints Reports indicate that a shift towards the U.S. market may present Tether with regulatory challenges, particularly concerning its practice of backing USDT stablecoins with Bitcoin (BTC). Such practices reportedly do not align with current U.S. regulatory standards. # No Worries About Competition from Major U.S. Banks Ardoino also downplayed competition concerns from large U.S. financial institutions like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, should they enter the stablecoin market. He emphasized that Tether’s market strategy is fundamentally different from traditional Western banking models. "We are unconcerned about competition from major banks. Their activities are focused on the developed Western world," he noted. "Our customer base includes three billion unbanked individuals who generally do not engage with traditional banking systems." Ardoino's comments highlight Tether's dedication to serving the financial needs of underserved markets globally while navigating an evolving regulatory landscape.