Tether, the company behind the widely used stablecoin $USDT, is taking its next major step in the U.S. market.
And despite its expansion plans, the company has made one thing clear: it will remain a private enterprise.
The GENIUS Act clarified the US stablecoin landscape, and Tether is wasting no time in taking advantage. The law requires stablecoins issued domestically to be:
Anchorage Digital Bank, a federally chartered trust bank, will issue the stablecoin and help ensure regulatory compliance.
But while Tether hopes $USAT will capture public interest, Paolo Ardoino, the CEO, has no interest in taking Tether public.
With profits of roughly $13.7B in the previous year, there’s no need for Tether to go public to raise capital. Ardoino has said that being a private company allows the firm to focus long-term on its mission without having to answer to public market analysts every quarter.
However, $USDT is structured under foreign issuer status when it comes to U.S. regulation. $USAT, by contrast, will operate under the laws and oversight required by U.S. authorities.
On the back of growing stablecoin adoption, more and more crypto users are turning to versatile, powerful web3 crypto wallets – like Best Wallet.
Keep your crypto keys, keep your crypto tokens. The oldest axiom of the blockchain still rings true as the total crypto market cap grows from a few nerds swapping bitcoins to over $4T in thousands of cryptos around the world.
The presale has raised nearly $16M so far, with tokens priced at just $0.025655.
Tether’s move with $USAT adds more fuel to competition in the stablecoin space, especially with players like Circle’s $USDC already operating under stricter regulatory norms.
