Tether Considers U.S.-Only Stablecoin Amid New Regulatory Pressure: FT

Finance

Tether Considers U.S.-Only Stablecoin Amid New Regulatory Pressure: FT

Tether is reportedly exploring the possibility of creating a US-only stablecoin if the Trump administration introduces favorable regulations for new market entrants.

According to a Financial Times report, the firms CEO Paolo Ardoino revealed the company is participating in discussions about US rules on stablecoins and could create a token specifically for the US market depending on the outcome.

Despite having $144 billion worth of tokens currently in circulation globally, Tether does not accept customers in the United States.

Tethers move comes amidst favourable US environment

The potential for Tether to enter the US market comes amid changes in the crypto regulatory sector. Since Trumps return to the White House in January, the administration has taken a more crypto-friendly stance. Following that, the SEC has ended or halted most cases it was pursuing against cryptocurrency companies.

According to Ardoino, Tether already cooperates with US law enforcement despite not serving US customers. He said,

“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 dont wait for court orders to act, but we actually have a direct connection with the law enforcement.”

The regulations being considered in Washington include plans that would require overseas issuers with cryptocurrencies trading in the US to comply with American law enforcement requirements. Ardoino also mentioned that Tether already voluntarily complies with such measures.

The firm has made moves towards better transparency by hiring a chief financial officer. Their aim will be to guide the company toward a full financial audit.

Ardoino revealed that Tether is in talks with the Big Four accounting firms. He noted that large accounting firms have historically been reluctant to engage with Tether. However, their stance has begun to change under the new administration.

Tether reports net profit of $13 billion

Tethers consideration of a US stablecoin comes from a position of financial strength. The company reported unaudited net profits of $13 billion last year. As a major buyer of US government debt, Tether invests most of the reserves backing its coins in US Treasuries and retains the interest paid out on these bonds.

By the end of 2024, Tethers US Treasury holdings had surpassed $113 billion. This makes the company a significant holder of American government debt. This financial position has allowed Tether to diversify its investment portfolio beyond the cryptocurrency sector.

On March 27, 2025, Tether announced an investment in Be Water, a media company specializing in audio, video, film, and live content production and distribution.

Through a €10 million capital increase and equity acquisition, Tether will acquire a 30.4% stake in the company by the end of the month.

This investment follows several other moves, including a $775 million investment in video platform Rumble, a strategic minority stake in Juventus Football Club, and a $200 million investment in Blackrock Neurotech, a company specializing in brain-computer interface technology.

USDT remains the dominant stablecoin

Tether remains the dominant stablecoin in the global cryptocurrency ecosystem. It has $144 billion in circulation, which makes it a leader in comparison to its competitors.The companys interest in creating a US-specific token comes amid persistent criticism about its reserves.

Critics have long questioned whether Tether‘s stablecoins are fully backed by liquid assets as claimed. Addressing these concerns, Tether’s reserves are now managed by US financial services firm Cantor Fitzgerald. This was run for more than three decades by Howard Lutnick, who currently serves as the US commerce secretary.

Be Water, Tethers recent media investment, is led by Executive Chairman Guido Maria Brera and focuses on changung media consumption through technology-driven approaches to content production and storytelling.

If Tether launches a US stablecoin under new regulations, it would be a major moment for a company that has historically operated outside the US regulatory framework.