Tether is gearing up to enter the U.S. institutional stablecoin market, with a formal announcement expected in the coming months, CEO Paolo Ardoino told Bloomberg Television on Wednesday.
“We are well in progress of establishing our U.S. domestic strategy,” Ardoino said, adding that the company’s move into the U.S. is “well underway.”
The update comes just days after Ardoino appeared alongside President Donald Trump for the signing of the GENIUS Act, a new federal law that sets guardrails for stablecoin issuers. The legislation requires dollar-backed reserves, yearly audits for larger players, and spells out rules for firms issuing tokens from outside the U.S.
Tether, which issues USDT — the world’s largest stablecoin with a $162 billion market cap — has long faced questions about transparency. While the company regularly publishes reserve attestations signed by BDO Italia, it still hasn’t secured a full audit. Ardoino said hiring new CFO Simon McWilliams last month is part of a broader push to land one, possibly from a Big Four firm.
Back in April, Ardoino flagged plans for a new U.S.-based stablecoin geared toward institutions seeking faster settlement. While details are still under wraps, he said more information will be shared “in the next couple of months.”
Tether’s move comes as traditional banks — including those backed by JPMorgan, Bank of America, Citigroup, and Wells Fargo — explore launching their own stablecoins under the new U.S. rules. Ardoino acknowledged they may have an early advantage on home turf, but said Tether’s experience still gives it an edge.
“They might be better than us in the short term in the United States just because it’s a new market for us,” he told Bloomberg. “But we have better technology. We understand this market better than anyone.”
Asked whether Tether would follow Circle in going public, Ardoino was clear: “We’re not interested.”
The financials show that Tether held $98.5 billion in direct Treasury bills as of March 31, along with an additional $23 billion tied up in cash-like instruments such as repo agreements. The report reflects the company’s continued tilt toward highly liquid, low-risk assets to support its flagship token, USDT.
Tether said it currently maintains $5.6 billion in reserves beyond what is needed to back USDT, a dip from the $7.1 billion surplus recorded at the end of 2024. USDT’s supply grew by $7 billion during the quarter, now topping $149 billion in circulation. Wallet addresses using the token also saw a bump, increasing by 46 million.
The firm continues to use some of its surplus capital for venture-style investments, with more than $2 billion now deployed across sectors like renewable energy, AI, encrypted communication, and digital infrastructure.
USDT remains the dominant dollar-backed stablecoin, along with Circle’s USDC. Together, the two represent 87% of the stablecoin market, which analysts expect to balloon to $2 trillion by 2028, according to U.S. Treasury forecasts.
