Tether, the world’s largest stablecoin issuer, is actively engaging with U.S. regulators and considering the launch of a U.S. - focused dollar-pegged stablecoin - a potential move that could signal a major shift in the company’s historically cautious approach to American markets.
CEO Paolo Ardoino confirmed in an interview with the Financial Times that the company is in ongoing discussions with U.S. officials about stablecoin regulation. While the specifics remain confidential, Ardoino characterized the U.S. administration’s stance as increasingly open, describing stablecoins as “an important instrument for the United States.”
If upcoming regulatory frameworks create a more competitive environment for compliant stablecoins, Tether may respond with a domestic-only product tailored for U.S. settlements. “There could be interest from Tether to create a domestic stablecoin in the U.S.,” Ardoino noted. “It would essentially serve as a settlement currency.”
A Strategic Pivot Toward the U.S. Market?
Despite not currently serving U.S. customers, Tether (USDT) remains the dominant global stablecoin, facilitating over $144 billion in daily trading volume. The token plays a central role in crypto markets across Asia, Europe, and Latin America, where it's often used as a dollar substitute for remittances, trading, and DeFi applications.
Tether’s user base now exceeds 400 million, according to Ardoino, who has also described the evolving ecosystem as a “stablecoin multiverse” - a reflection of rising demand for multiple asset-backed tokens serving different regulatory and geographic needs.
The idea of a U.S.-only Tether stablecoin would mark a significant departure from the company’s global-first model, especially as Washington pushes for stricter oversight of offshore issuers. The move could also help Tether compete more directly with U.S.-regulated rivals like Circle’s USDC, which already operates under clearer compliance protocols in the domestic market.
Tether’s Compliance Stance: Voluntary But Proactive
As the U.S. considers legislation that could require foreign stablecoin issuers to comply with local law enforcement mandates, Ardoino stressed that Tether has already taken proactive steps. The firm, he said, cooperates voluntarily with American authorities, onboarding entities like the FBI and the U.S. Secret Service for compliance oversight.
“That is something we already do voluntarily,” Ardoino emphasized, hinting that regulatory alignment wouldn’t pose a major operational shift.
These statements come amid broader efforts by U.S. lawmakers to regulate stablecoins through frameworks such as the Clarity for Payment Stablecoins Act, which could finally offer legal guardrails for issuers operating in or interfacing with the U.S. financial system.
If Tether were to introduce a domestically compliant stablecoin, it could help reduce policy friction, foster trust with U.S. institutions, and open up access to new sectors - including fintech, payments, and tokenized finance - that are currently off-limits due to regulatory uncertainty.