Tether eyes U.S. expansion under new stablecoin law but with institutional focus

Tether, the world’s largest stablecoin issuer, is preparing to expand its U.S. presence following the recent signing of landmark crypto legislation by President Trump.

Tether (USDT) is preparing to expand its business in the U.S. following the recent passage of U.S. stablecoin legislation, CEO Paolo Ardoino told Bloomberg in a July 23 interview. The firm aims to provide a regulated stablecoin product tailored to institutional use, including payments, interbank settlements, and trading infrastructure.

“We are well in progress of establishing our U.S. domestic strategy,”,” Ardoino said in the interview. “It’s going to be focused on the U.S. institutional markets, providing an efficient stablecoin for payments but also for interbank settlements and trading.”

Tether’s U.S. approach will complement its operations in emerging markets, where it continues to see growth. Despite recent comparisons to Circle, the U.S.-based issuer of USD Coin (USDC) that went public in June, Ardoino said Tether has no interest in listing. 

The company prefers to operate privately as it builds regulated partnerships. Its primary token, USDT, is the most traded digital asset by volume globally, with $163 billion in circulation as of July 2025.

GENIUS Act opens regulatory path for stablecoin issuers

The move comes after the signing of the GENIUS Act by President Donald Trump last week. The new law establishes a regulatory structure for stablecoins in the U.S., potentially enabling licensed firms to issue tokens for payment and financial services.

Tether’s expansion plans will require strict compliance with audit, reserve, and anti-money laundering standards. The company has previously faced legal challenges in the U.S., including a $60 million settlement with regulators in 2021. It has since operated primarily outside the country, establishing its headquarters in El Salvador.

As part of its evolving approach, Tether has reportedly been in talks with auditors and is considering a U.S.-specific stablecoin with enhanced disclosures to meet regulatory expectations. Meanwhile, the company continues to invest in U.S.-linked businesses, including a major stake in Bitdeer and recent acquisitions in biotech and media.