Stablecoin launch by Tether in the US anticipated for the remainder of 2022, as per the news report
A New Stablecoin from Tether in the USA?
Ready for some coin action stateside? Tether, a top stablecoin issuer globally, might just be cooking up a U.S.-based stablecoin this year, according to CEO Paolo Ardoino, who recently chatted with CNBC.
The timing couldn't be better, as Ardoino's been gettin' cozy with the powers that be in Washington D.C., aiming to sway crypto regulation in a pro-crypto direction. This push seems to align with growing crypto-friendly attitudes following Donald Trump's allies.
Grabbing the spotlight at the Token2049 conference in Dubai, Ardoino made it clear this new baby will steer clear of Tether's existing international products. He hinted at a possible rollout by year-end or early 2025, but that being said, it all depends on legislative progress.
The UK's Regulator Calls out Crypto Debt Buying
Across the pond, the UK's financial regulator is jumpin' on the anti-crypto-debt-purchasin' bandwagon, proposin' bans on buyin' crypto with debt.
Tether's Dancin' in Washington: A Cryptic Play
Ardoino's been verbally flossin' in Washington, rubbin' elbows with Senator Bill Hagerty and privately chattin' with lawmakers. His maneuvers appear to echo the GOP's GENIUS Act, which could provide a more hospitable environment for foreign stablecoin issuers willing to work with law enforcement.
Headquartered in El Salvador, Tether ain't exactly been the regulator's BFF. In 2021, the company coughed up $18.5 million to settle allegations it misled the New York attorney general about its reserves.
Today, the company claims a whopping $120 billion in U.S. Treasuries, custody of which lands with Cantor Fitzgerald. Their Q1 audit showed a $5.6 billion excess in reserves, down from $7 billion at year-end.
But wait, there's more! The Trump boys, Eric and Donald Jr., are rumored to be cookin' up their own dollar-backed stablecoin through a venture tied to their old man's political brand. This could potentially set the stage for a domestic stablecoin free-for-all.
Kraken Senses North Korean Infiltration
A heads up! Kraken, a popular cryptocurrency exchange, just flagged a suspected North Korean infiltration attempt, disguised as a phony job application. Keep your eyes peeled!
- Tether, with its CEO Paolo Ardoino, could be planning to launch a U.S.-based stablecoin in the near future.
- Ardoino's regulatory discussions in Washington D.C. indicate a push towards pro-crypto regulation, aligning with the crypto-friendly attitudes led by Donald Trump's allies.
- The new Tether stablecoin is expected to differ from its existing international products, with a potential rollout by year-end or early 2025.
- Meanwhile, the UK's financial regulator is considering banning crypto debt buying, marking a strict stance against certain cryptocurrency practices.
- Apart from Tether, the Trump brothers are rumored to be developing their own dollar-backed stablecoin under their political brand, potentially sparking a domestic stablecoin competition.
- Kraken, a prominent cryptocurrency exchange, has recently flagged a suspected North Korean infiltration attempt disguised as a job application, urging vigilance.
- In the finance and fintech business, the influence of tokens, dexes, and stablecoins like USDT and crypto are shaping the industry landscape in 2025 and beyond.
