The USDT issuer, Tether, is contemplating the launch of a US-only stablecoin driven by President Donald Trump’s crypto policies. This marks a major shift in the firm’s strategies, as the platform hasn’t historically supported American clients. CEO Paolo Ardoino revealed the company’s potential plan to introduce a US-focused stablecoin if the country introduces new stablecoin regulations.
Tether To Introduce US Stablecoin: What To Know
According to a recent report by Financial Times, Tether, the issuer of USDT, is planning to introduce a stablecoin exclusively for the United States. This move is anticipated as the first of its kind, as the platform has historically not served US clients.
The firm’s decision aligns with the United States’ progressive stance on cryptocurrencies under President Donald Trump. As cited by CEO Paolo Ardoino, the US considers stablecoin as an “important instrument for the United States”. This approach influences the company to offer a stable digital asset available solely in the US.
Interestingly, Ardoino added that the platform is awaiting the US’ new rules for stablecoin regulation. He posited that the firm would launch US domestic stablecoin if new regulations make them competitive. Also, Ardoino called the company’s potential stablecoin “basically a settlement currency.”
Paolo Ardoino Explains Tether’s Regulatory Compliance
Further, Palo Ardoino underscored Tether’s regulatory compliance with US law enforcement. Adding that he has direct connection with the regulatory agencies, Ardoino noted,
We are the only ones that on-board the FBI, on-board the US Secret Services. We work directly with the [Department of Justice] and we don’t wait for court orders to act, but we actually have a direct connection with the law enforcement.
The firm’s stablecoin proposal comes on the heels of the United States’ STABLE Act. Recently, the Trump government passed the act to establish a regulatory framework for USD-backed stablecoins.
Donald Trump’s Crypto Moves Influence the Global Crypto Market
It is noteworthy that Tether’s stablecoin proposal is primarily driven by Donald Trump’s crypto-focused moves and policies. With his inauguration as the 47th President of America, the US crypto market has experienced a major shift. The US SEC has seen a restructuring, which led to the dismissal of multiple crypto lawsuits.
Moreover, Trump’s crypto reserve plans have also influenced other global powers. As the US has embraced Bitcoin as a national reserve and muses to adopt other altcoins to the reserve, countries across the world are considering restructuring their financial policies.
The post Tether Plans To Launch a US Stablecoin Amid Trump’s Crypto Policies appeared first on CoinGape.
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